By Naomi Uzor
The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, NACCIMA, yesterday, stressed that over 70 per cent of the masses live below poverty line, which is basically caused by the  mismanagement and misappropriation of funds and has seen the rundown of the Nigerian economy.

NACCIMA President, Dr. Simon Okolo, on a visit to Vanguard, yesterday, said Nigeria could pass for the proverbial “Land flowing with milk and honey” considering its abundant crude oil, solid mineral resources, fertile land and other endowments, but unfortunately, he said, this is not true of the Nigerian economy.

“With the emergence of democracy in the country, again in 1999, there seemed a glimmer of hope, However, unfolding events have shown that the downward trend in the economy has continued unabated.

“Recurrent expenditure and the cost of running government is too high and this leaves little for capital expenditures like building of infrastructure to stimulate industrial growth that will help to create job opportunities for the teeming youths of the country, the aftermath of this is high rate of unemployment among our young graduates,” he stated.

Okolo  urged government at all levels to seek employment of all Nigerian graduates and drastically reduce the high unemployment record and that the Revenue Allocation Mobilisation and Fiscal Commission, RAMFC, must dust from the archives its previous intention to review downwards the salaries and allowances of public office holders to release scarce funds for capital projects that will create enabling environment for economic growth and investment to enhance job creation activities to absorb able bodied Nigerian youths and graduates, adding that, it will help curtail the mass emigration of Nigeria’s development and dampened our international image.

He said the first step towards boosting our economy through reduction of poverty and graduate unemployment, therefore, is to revamp the school system and turn it into one that will be producing skilled and low cost labour.

“In a global economy that is driven by knowledge, youths that pass through our school system must be equipped with the skills they require to turn the nation’s raw materials into goods and service required both locally and internationally” he said .

Okolo urged government to hasten the constitutional and electoral reforms to remove hiccups to businesses, like the obnoxious 1960’s railway Act that makes the sector whole concern of the federal government, denying investors the opportunity to help revamp our decayed railway system.