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Diversify economy to guard against fall in oil price, expert urges FG

A financial expert, Mr Samuel Nzekwe, has told the Federal Government to intensify efforts at diversifying the nation’s economy to guard against fall of oil price at the international market in future.

Nzekwe, former President of the Association of National Accountants of Nigeria (ANAN), gave the advice in Lagos in an interview with Newsmen.

“The government needs to take deliberate steps to expand the economy by exploiting untapped resources so that other countries discovering crude oil would not have adverse impact on the nation,” he said.

The former ANAN boss stressed that the discovery of oil by some countries could affect the finances of the nation because of the nature of Nigeria’s economy which he said depended largely on revenue generated from oil.

Nzekwe said that the government should look for alternative sources of revenue for the country to lessen the nation’s dependence on advanced countries importing our oil for survival.

He also advised the Federal Government to focus more on the agriculture sector since the nation had comparative advantages in good climate and rich soil that would enhance agricultural production.

He also expressed regret that the country imported almost everything, noted that the nation was spending a huge amount on the importation of rice every year.

He said that the Federal Government should also revamp infrastructure so that the nation could use it to-kick start the economy.

“If the nation has good infrastructure, the manufacturing sector will be improved and produce more goods and services for export and import,” he said.

According to him, the ability of the government to stimulate the industrial and real sectors to work effectively will reduce pressure on importation of basic items.

He, however, advised the government to be proactive in re-activating the education system so that more youths could be trained to transform the economy.

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