MOVING AWAY FROM OIL ECONOMY – THISDAYLIVE

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MOVING AWAY FROM OIL ECONOMY Government should be serious about diversifying the economy The prevailing economic downturn has worsted the capacity of Nigerians so much so tha

The prevailing economic downturn has worsted the capacity of Nigerians so much so that basic necessities of life, including food and healthcare are becoming luxuries. Available statistics paint a dire situation of millions of idle youths condemned to the street corner and economically inactive. A combination of sustained negative economic growth and an uncontrolled demographic bulge has put the country in a very difficult and potentially explosive situation.

Unfortunately, even in these moments, there is no real commitment to the much-talked-about agriculture sector which nonetheless still contributes the bulk of the Gross Domestic Product in the country today. We are particularly worried that Nigeria continues to neglect cash crops like cocoa, oil palm and groundnuts, which for years constituted the mainstay of the country’s economy.

 

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