Expert Calls For Diversification Of The Economy

An economist, Mrs Ojomo-Ajibola Olayinka, has called on the Federal Government to quickly diversify the economy in the face of dwindling crude oil revenue.

 

Olayinka gave the advice during an interview with the News Agency of Nigeria (NAN) in Osogbo on Thursday after delivering a speech at an event organised by the Osun Agricultural Development Programme (OSADEP).

 

She said that Africa, particularly Nigeria, possessed all requirements to survive without oil if human and material resources were well harnessed.

 

According to her, Nigeria needs not rely solely on  income from oil, while resources in sectors like agriculture and solid minerals are lying untapped.

 

She said that the economy must be diversified to fast-track development.

 

“Nigeria is so blessed that about 80 per cent out of the total geographical location of Nigeria is arable land which gives the country an advantage in agriculture.

 

“There are hundreds of solid minerals like gold, copper, lead, limestone and a host of others in different parts of the country.

 

“So, I see no reason why we should remain monoculture economy.

 

“Every serious nation combines all the areas where it has economic cost advantages and utilise it to the fullest for growth and development.

 

“I hope the Federal Government will do something about it soonest to save the economy from collapse as the price of oil in the world market continues to go down,’’ she said. (NAN)

Source : Leadership

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