How Nigeria can successfully diversify its economy away from oil sector - Experts
- Experts have called for the adoption of innovations that will help diversify Nigeria's economy
- The experts said diversification from oil-sector may not be enough to grow the nation's economy
- They said Nigeria has lost its opportunity of sustaining its wealth from oil
An expert, Segun Adeleye, has given insight on possible means of diversifying Nigeria's economy.
The Guardian reports that Adeyele, the president of Worldstage Group, while speaking at the 2017 WordStage Economic Forum in Lagos said diversification into non-oil sectors may not be enough to sustain Nigeria's economy.
He said new initiatives must be adapted to ensure the growth of Nigeria's economy.
Adeyele said, while Nigeria seems to have lost the opportunity to develop its oil wealth in the past, the future is still bright with many unharnessed resources around it.
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He said: "While we are still lamenting the lost opportunity to have developed with our oil wealth in the past, we can see the future unfolding before us, just as how the internal combustion engine is projected to die and the oil business, is to become obsolete in the very near future.
“With the calls for Nigeria to diversify its economy from oil after several missed opportunities in six decades, the new question begging for answer is, how fast and far can diversification solve economic problems in the short, medium and long terms?”
Also, an entrepreneurship and business innovation economist, Ayodele Shittu, noted that consistency, and sincerity of purpose from businesses owners and political leaders is needed to transform Nigeria’s business environment.
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He said Nigerian businesses are yet to fulfill their potentials.
Shittu also said there is an urgent need to prioritize the education sector in order to support the growing human capital in Nigeria.
“The available evidence, in this regard shows that the score of the skills of the future workforce sub-pillar is lower than the score of the current workforce by 10 per cent or more."
“Since the first quarter of the 2016 through the second quarter of the 2017, Nigeria has witnessed negative perceptions of business activities in the country. While the level of pessimism is declining, common constraining factors cited among the firms surveyed include financial barriers, unfavourable political climate, competition, and insufficient local demand,” he said.
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NAIJ.com earlier reported that the vice president Yemi Osinbajo said that the solution to Nigeria's problems is diversification of economy.
Osinbajo also said restructuring will not put an end to the challenges being faced by the nation currently.
He also said that the federal government is focused on development of science and technology to improve on the economy sector.
You can watch this NAIJ.com video on the possibility of making a pot of soup with N1,000: