The Nigerian government is currently working on ways to cushion any effects, the global oil price slump may have on the nation’s oil-dependent economy.

Recently, the Minister of Finance and Coordinating Minister for the Economy, Professor Ngozi Okonjo-Iweala alongside key officials reeled out austerity measures, highlighting that the Federal Government had been advised to cut some of its expenses in the coming year, 2015.

The President of the Chartered Institute of Stockbrokers, Albert Okumagba, on Wednesday appeared as a guest on Sunrise Daily said it was time for the government to pay closer attention to the gas sector as well as other sectors with high potentials, including agriculture.

“Gas is more strategic to oil but we have not internalised the advantages of our gas resources

“I think stakeholders that are interested will have to engage with the executive arm of govt and National Assembly for us to start addressing those issues that very strategic to the economy,” he said.

He commended the Finance Minister’s efforts, noting that the austerity measure is a “wonderful development for the country” as they presented an opportunity for stakeholders to have an interest in the economy and support the process of making fundamental changes to the structure of the nation’s economy.

This will ensure that oil becomes one of the major commodities that will drive the country, he said.

He also said that, “I think we’ve reached a point where we need to look very deeply at how Agriculture is structured, the value chain around most of our commodities. How infrastructure is funded. What role government plays, what role the private sector will play in making sure that the right kind of infrastructure is out in place”.

He noted that there was a link between the lack of infrastructure, the state of agriculture and unemployment.

He stressed that while plans are in place to shape the 2015 budget, the government must start looking at medium to long term plans for the oil sector and other sectors that have major strategic impact on the structure of the economy.

“We must not restrict ourselves to focusing on just oil”, pointing out that there were issues around the PRP, gas master plan still pending.