Thursday, March 11, 2010

NEED FOR DIVERSIFICATION OF NIGERIA’S ECONOMY

Nigeria, the most populous black nation with over one hundred and fifty million people and over three hundred and fifty-six thousand square miles land mass is blessed with abundant human and natural resources.

Prior to the discovery of oil in commercial quantities sometimes in the sixties/seventies, agriculture was recognized as viable source of revenue to the country and crops like Groundnuts, Cocoa, Beans, Rubber, Gum Arabic, Kola nuts, Cotton, Soya beans, Palm Kernel, Cashew nut and the likes were exported to Europe, America and other continents across the globe.

In the three main regions of Nigeria, that is, the North, South and the East, at least an agricultural product was largely produced and in commercial quantities, which enhanced the standard of living and economic status of the people.

However, for decades now, Nigeria’s economy had been dominated by the petroleum sector. Oil, being Nigeria’s single biggest source of income, is responsible for generating over twenty percent of Nigeria’s GDP and clearly, ninety-five per cent of foreign earning.

Indeed, if the type of adequate attention given to petroleum can be extended to mining, commerce, agriculture, tourism and other sectors of the economy, the socio-economic status of the country will improve.

There is no doubt that Nigeria has tremendous opportunities in mining and mineral extraction. The country has one of the best quality coal deposits in the world, with lowest sulphur content. Others are gypsum, barites, kaolin and tale, which if properly harnessed, will increase the country’s annual revenue.

The country is also blessed with tropical rain forests, savannah grasslands, mangrove swamps the sahel savannah and most especially, natural tourist sites like the Owu Water Fall in Kwara State, the steepest natural waterfall in West Africa and Esie Museum, also in Kwara State.

Others include Asabari Hill in Saki area of Oyo State, the Niger-Benue Confluence in Kogi State, Ikogosi Warm Spring in Ondo State, Argungu Fishing Festival and Yankari Games Reserve and its warm spring among others can be given priority attention to attract vacationers and visitors to generate huge amount of money to the country.

It is against this background that then Acting President and now the President of Nigeria, Doctor Goodluck Jonathan stressed the need for Africa to exploit the potential of its natural endowment to surmount threats of the global economic recession.

Speaking at the Summit of Heads of State and Government of the High Level Conference on Development of Agri-business and Agro-industries in Africa held in Abuja, Doctor Jonathan explained that the impact of the financial crises was evident in the crash in prices of Africa’s major export commodities.

Thus, Nigeria tapped and untapped resources in all the nooks and crannies of the country should be given adequate attention by way of diversifying the nation’s economy. This is with a view to reducing the country’s dependence on imported goods, improve industrialization, reduce unemployment and enhance the standard of living.

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