Meanwhile, corroborating Dangote’s position on the need for policy articulation on economic diversification, Managing Director/Chief Executive, Access Bank Plc, Mr. Herbert Wigwe, and Managing Director/Chief Executive Oando Plc, Mr. Adewale Tinubu, emphasised the need for reforms in the foreign exchange market and in the financing of the oil industry.

Wigwe noted that there was need to adjust the current foreign exchange policy of the Central Bank of Nigeria, CBN, to encourage inflow of foreign exchange into the country. He said currently, many businesses found it difficult to source foreign exchange, adding that this could lead to severe impact on the economy.

He said while the current situation presented opportunity for diversifying the economy, it would take some time before companies could begin to source raw materials locally.

He said: “I believe things can be done differently. There is need for policy articulation and proper communication to the private sector.”

Wigwe, however, dismissed fears that the decline in crude oil price might lead to a banking crisis in Nigeria, saying: “We are not seeing any crisis in the banking sector. The economy may be threatened but the Nigerian banking industry is healthy.

Tinubu, on his part, called for a second tier foreign exchange market for transactions like payment of school fees and medical bills. He said the current situation where businesses could not source dollars from the CBN at the current official price was discouraging to business and had created a wait and see attitude among investors.

He also called on the Federal Government to replace the joint venture method with the production sharing method to stimulate inflow of private investment into the oil sector.