ECONOMIC DIVERSIFICATION SOLUTION TO FINANCIAL TROUBLES – STAKEHOLDERS
Both foreign and local media in Nigeria are awash with reports of dwindling price of crude oil in the international market and it’s adverse effects on the nation’s economy.
While economic experts have continued to call for the diversification of the economy away from the current dependence on oil, Public Affairs Analysts say that agriculture, tourism, solid minerals and mining sectors hold the key to economic stability of the country.
Our respondents believed that the task of diversifying the economy is the responsibility of all Nigerians, but government at all levels must show the needed commitment and political will to achieve a paradigm shift in the nation’s economic development.
A Stakeholder in the solid minerals and mining sector, Doctor Kanayochukwu Enemuo who regretted that the sector contributes less than one percent to the Gross Domestic Product GDP of Nigeria, but appreciated the recent push in solid minerals development by the current Federal Government.
According to him, ” now that the revenue from oil is dwindling, it’s now imperative that attention should be focused on solid minerals”.
A young Agro-business entrepreneurs, Miss Kemi Ajakayi maintained that development of Tourism and Agricultural sectors hold the key to a virile economy.
Miss Ajakayi described ”Tourism and Agriculture as the next rated industries that the government should be looking into”.
A legal practitioner, Mr John Okoli-Akirika blamed the land tenure system practiced in Nigeria for the inability of people to get land for productive purposes, which is an essential factor in any economic activity.
Mr Okoli-Akirika stressed the need for governments to ” reintroduce farm settlements in all the 774 L.G.A’s”, as it was during the immediate pre-independent era.
Comrade Jerry Nnubia, who is a Labour Unionist advised government to articulate a good welfare package,that is capable of attracting the required human resources and investments to other sectors.
Comrade Nnubia lamented that ”most economic blueprints have failed to recognize the immeasurable contributions of Labour” in the process of any economic activity.
Now that the international market price of crude oil hover around thirty dollars per barrel, with fears of crashing even further downwards, Nigerians are expecting that all efforts should be directed towards other variables of economic development.
From: Ejiofo Umegbogu PurityFM Awka