Vice Chairman of Senate Committee on Federal Capital Territory (FCT) Senator Anthony Agbo (PDP Ebonyi) holds strong views about the Nigerian economy and how to move it beyond the sole reliance on oil.

He insists in this interview that a silver lining exists for Nigeria in the global economic crisis and urges President Umaru Musa Yar'adua to exploit it.

The global economic crunch is affecting Nigeria. What is the way out?

The economic crisis is global but it will go. What I don't want to see is a Nigeria that will remain the same. I want to see, right now a Nigeria that is working in such direction as will make us a better country. We should not only survive the economic crunch, we should use the crunch to raise our economic status. The worldwide recession has come but it will go.

It had come sometime before and passed away. The period of boom came. The period of boom will come after this recession. Before then, let us take steps to expand the economy, benefit from the boom that will come and make our economy able to withstand difficult times such as we are in.

I want President Umaru Yar'adua's economic team to look out for windows of advantage that could result from this global economic decline because, historically speaking, it is known that whenever a global situation such as this arises, there are always windows of opportunity for those who look properly. There is a silver lining for us. We should spot it and turn it into a huge advantage. I call on Mr. President and his economic committee to look closely at the economic downturn and see how we can exploit it and leap forward.

Could you expand on this?

I don't want to go into specific details. The president's Economic Team should know what I mean. This is an issue that affects nations. When somebody is down, some other person must be up. The Central Bank will understand what I mean. The Minister of Finance will understand what I mean. I mentioned it penultimate week when operators of the economy came to the National Assembly.

The Central Bank Governor acknowledged it and even mentioned a few opportunities he was already looking at. I earnestly want them to look at what the country can gain as the world tries to ride out the economic slowdown.

President Yar'adua provoked public debate on two occasions earlier this month when he refused a rise in the pay package of civil servants and announced days later his suggestion for a cut in the pay of political office holders. How do you react to this as someone directly involved?

Salary cut across board of political office holders is a symbolic action signaling that things are not well with the economy. But I don't see it as a solution or near solution to the economic problem. Successive leaders in this country have not really been strategic in straightening the economy and make it buoyant. There is no alternative to diversifying the economy.

A mono-economy will always prove helpless in situations such as this economic meltdown. It is on this note that I am still calling on the Yar'adua administration to take strategic and revolutionary actions to reposition the economy. We must move away from a consumer to a manufacturing and marketing economy. The African market is waiting for us. Even if not for any other thing, Nigerian products should dominate the African market.

The word- diversification-has long become a cliché in government circle. What is your take on it?

I said earlier that past Nigerian governments have never been pragmatic enough to make the vital change. That's why I call on Yar'adua to take revolutionary actions. Diversification of the economy is not beyond us as a people.

We only need to be determined and ready to face the challenges resourcefully. The deep slump in price of crude oil in the international market is in itself good reason to find our way, with unmatched vigour, into other sources of substantial revenue.