The lawmaker representing Abia North Senatorial District, Orji Uzor Kalu, has identified the price of fuel and the naira exchange rate as two major factors crippling Nigeria’s economy.

Kalu made the assertion on Monday while speaking during an interview on News Central Television.

He argued that Nigeria could not build a sustainable economy by continuing to depend heavily on crude oil while importing basic necessities.

The former Abia governor called for increased domestic production across sectors, saying the country must become more productive to achieve long-term economic stability and growth.

“There are two things crippling this economy … the price of fuel and the price of the dollar,” Kalu said.

He criticised the continued dependence on oil, stressing that proceeds from crude oil should be channelled into producing essential goods and services locally.

“We cannot build a sustainable economy by relying on oil. Sometimes, I also blame government officials who don’t agree to make some sacrifices to see truly how our economy is running,” he said.

Kalu acknowledged the frustration among young Nigerians over the current economic situation, saying their concerns were understandable.

“And, to be honest with you, the young people are right because anybody will wake up and say, ‘Oh, when will this be over?’” he said.

He maintained that Nigeria’s economy had remained largely unproductive since independence and urged the government to prioritise production.

“This economy has been unproductive since 1960. What I do is production, and I continue to say that the economy must be productive. We must produce,” Kalu stated.

He added that increased oil production alone would not solve the country’s economic challenges unless the proceeds were used to meet domestic needs, particularly food.

“If we don’t produce, no matter the amount of oil you get out of the Niger Delta or elsewhere, it’s not going to be our solution. Because as we produce oil, we should also be using the proceeds to buy things that we need, especially food,” he said.