Economist wants Buhari to adopt Regulated Asset Based economic model

An economist, Mr Friday Udoh, has advised, President Muhammadu Buhari, to adopt the Regulated Asset Based (RAB) financial model in revamping the ailing economy, reports News Agency of Nigeria.

Udoh, who is the South-South Coordinator, Institute of Chartered Economists of Nigeria (ICEN), gave the advice in an interview in Yenagoa on Tuesday.

“RAB is an economic model that attracts large amounts of private capital into infrastructure through a transparent and consistent mechanism that reduces investor risk and places cap on consumer prices,” he said.

Udoh urged the president to jettison the unfavourable economic policies adopted by previous administrations that were unable to grow the economy in real terms.

He said the RAB financial model would help to correct the national economic dysfunctions which had made it impossible for some states to pay the salaries of workers.

According to him, the RAB model is multidimensional economic, social and innovative means that will help in managing the downturn, social ills and security challenges facing the country.

He said the model would harness local and regional consumption of pharmaceutical products, Urea, methanol, among other bye products of gas in high demand, rather than selling gas at unfavourable price.

Udoh also urged the present administration to build at least four petrochemical plants to refine petrochemical raw materials and manufacture petrochemical products to stem capital flight, create jobs and grow the economy.