– Nnewi-born billionaire Dr Ifeanyi Ubah has declared himself the chief economist of Nigeria

– Ubah also addressed the issues of recession currently ravaging Nigeria

– He spoke at a youth gathering in his home-state of Anambra

The managing director of Capital Oil and Gas and publisher of Authority newspaper, Dr Ifeanyi Ubah has declared himself the chief economist of Nigeria.

Dr Ifeanyi Ubah says he is Nigeria's chief economist

Dr Ubah also advised President Buhari on how to tackle the current dollar/naira disparity in the country.

Ubah who was speaking at a youth gathering in his home-state of Anambra said there is nothing wrong with the Nigerian economy, but rather opined that the country's major problem is that it has bad economic managers.

"The only solution to Nigeria's economic problems is one- addressing the cancer to our Forex which setting up 10 modular refineries can solve that problem.

"The second cancer that is affecting us is the Economic and Financial Crimes Commission (EFCC)," Ubah told his audience.

He continued: "I said that I am going to bring down the dollars, I sought for consultations because in the past I have done so many things and at the end of the day, people took the glory. This is an issue that is very important to me.

"The biggest Forex consumer in Nigeria today, is the petroleum product (downstream), of which I am the leader. Petroleum products take over 75 per cent of the Forex that Nigeria generates.

"Therefore, if you want to attack the difference between the naira and the dollar and of which no expert has been able to find out a solution, what you need to do is to find an alternative that you need to energize in Nigeria, so that the demand for Forex needed for the importation of petroleum products will crash.

"If you do that, you have taken away 75 per cent of that cancer that is taking away our dollars. And how do you do this? There's what is called top-up refineries. Some top-up refineries can cost us as little as $200million.

"I am the Chief Economist of this country, and I want to bring back the value of naira; if I want to bring back life to the economy of Nigeria, what I need to do is to take up a bond from our reserve of $2billion.

"If I am able to take a bond of $2billion from our reserve, which is not money I am spending, but a bond, our money remains. And I can take this $2billion and then share it among 10 companies. And In that 10 companies, I will create Special Purpose Vehicles (SPVs) of 10 oil marketers to one company.

"If you bring 10 oil marketers to run one company and government funding them for 10 years, it means that all of us will go there and bring the best of us to manage the company.

"Therefore, what we are going to do is create 10 companies along the whole water lines of Nigeria, and in six months time, we can now refine our crude oil here in Nigeria, instead of taking it abroad to refine.

"And by so doing, we don't need to buy dollars anymore to import petroleum products. It means that we can now be refining our crude oil, using it to produce our own petroleum deeds.

"Petroleum product is one of the biggest factor today in this country. We must understand that fuel is a critical factor in Nigeria. Because it's a critical factor in Nigeria today, government is so fragile not to challenge the petroleum industry."

On Wednesday, February 24, NAIJ.com monitored an interview granted by Dr Ubah to Channels Television, regarding the current exchange rate between the naira and the dollar.

The Anambra state born business mogul spoke glowingly about how he can turn the tide of things for the good of Nigeria's economy and the masses.

Ubah is one of the biggest players in Nigeria's petroleum downstream sector. He is also the proprietor of fast growing football club – Ifeanyi Ubah FC.


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