Nigeria Restates Commitment To Reducing Dependence On Oil

Udoma-UdomaThe Federal Government of Nigeria has reaffirmed its commitment to diversifying the nation’s economy to reduce its dependence on oil.

The Minister of Budget and National Planning, Senator Udo Udoma, made the declaration on Wednesday at the end of the National Economic Summit Group (NESG).

He said the proposed shift from oil resources would help create jobs, reduce poverty and contribute to the nation’s socio economic development.

At the moment, the nation’s economy is in recession.

Mr Udoma explained that the government would achieve this through a synergy with members of the organised private sector.

He added that the government was eager towards diverting from its over dependence on petroleum resources to other sectors of the economy.

As the NESG meeting comes to an end, experts have been deliberating on how to improve the Nigerian economy through the patronage of locally produced goods.

Nigerian-Economic-Summit-Group

One of the participants, Lanre Akinbo, is hopeful that key recommendations identified at the gathering will serve as a starting point for the successful implementation of the Made in Nigeria campaign.

The 22nd edition of the NESG meeting opened on Monday in Abuja, with participants looking to come up with strategies that would spur economic growth through heightened patronage of made in Nigeria goods and services.

The theme for this year’s summit is ‘Made In Nigeria’ and the organisers of the summit say they are looking to re-emphasise the message that the productive capacity of the Nigerian economy has to be developed as much as possible.

Need For Diversification

In his opening address, President Muhammadu Buhari said Nigeria had no other choice at the moment than to diversify its economy to break its reliance on oil.

Buhari, NESG, Economy
President Buhari stresses need for diversification

He was happy with the theme of the summit, saying it “lies at the heart of so many of the efforts we are making to lead us through these troubled times and to lay a firm foundation for the future”.

The President stressed the need to diversify the economy, stating that it was to ensure Nigeria never have to rely on a commodity to survive as a country.

He added that there was apparently no other way to steer Nigeria out of its present economic predicament without building a strong economic foundation on Made-in-Nigeria goods and services.

On the sidelines of the summit, the Vice Chairman of the NESG, Sola David-Borha, told Channels Television that stakeholders would discuss issues affecting Nigeria’s economy and proffer solutions that will reflate the economy and subsequently bring growth.

Mrs David-Borha, who is also the CEO of Stanbic IBTC Holdings, said the group believes that patronising made in Nigeria goods and services will spur the growth of the economy that is already in recession.

President Buhari Says He Is Committed To Diversification Of The Economy

Buhari, NESG, Economy
President Buhari says buying Made-in-Nigeria products and services will help stimulate economic growth

President Muhammadu Buhari says Nigeria has no other choice at the moment than to diversify its economy to break its reliance on oil.

The president made the statement while declaring open the 22nd Nigeria Economic Summit in Abuja.

“I am so delighted that you have chosen as your theme Made-in-Nigeria, which lies at the heart of so many of the efforts we are making to lead us through these troubled times and to lay a firm foundation for the future.

“We need to diversify the economy so that we never again have to rely on one commodity to survive as a country, so that we can produce the food we eat, make our own textiles, produce most of the things we use and create the right environment for our young people to be able to innovate and create jobs through technology,” he said.

The President added that there was apparently no other way to steer Nigeria out of its present economic predicament without building a strong economic foundation on Made-in-Nigeria goods and services.

Holistic development

In an earlier speech delivered by Doyin Salami, a professor of economics and member of the Monetary Policy Committee, he said Nigeria needed to quickly work out a comprehensive development plan.

Professor Salami in his analysis of Nigeria’s present economic landscape in the local and international context, warns that the numbers are not in the country’s favour.

Dr. Salami says though the outlook may look bleak, there is hope for Nigeria
Dr. Salami says though the outlook may look bleak, there is hope for Nigeria

In the international market, he said: “International monetary policy, in particular, doesn’t look good for us. The dollar is strengthening and the likelihood over the next 18 months in particular is that the dollar will continue to be strong.

“That’s bad news for us by the way, because it also means a lower demand for crude oil”.

Professor Salami, however, accused the Buhari government of not effectively communicating some of its policies which in turn affects investor’s confidence.

He said Nigeria in the short term must boost the confidence of investors, articulate its development plan, with complementary monetary and fiscal policies and institutionalise a public procurement drive for Made-In-Nigeria goods.

Local Production Will Boost Nigeria’s Economy- Expert

The President of the Nigeria-America Chamber of Commerce, Mr Sam Ohuabunwa on Monday called on Nigerians to begin production of local products through collaboration with international companies.

This, according to the former chairman of the Nigerian Economic Summit Group (NESG), will help in boosting the Nigerian economy and creating more jobs in the country.

“You don’t have to buy machineries to be a manufacturer” adding that “many companies in the company have excess capacity and therefore, if you are really interested; is it in pharmaceuticals, is it in food production, you can buy some capacity that exists in other companies and just go with your own brand” insisting that you can start with somebody making for you”.

He hailed the angle in which Lagos state governor, Babatunde Fashola advocated for the patronage of made in Nigeria goods.

While speaking as a guest on Sunrise daily, the former chairman of the Nigerian Economic Summit Group (NESG) said “the way Babatunde Fashola said it was very unique” noting that “the way he related it to employment and unemployment was very unique”.

Sharing his expertise on growing the Nigerian economy, He called on Nigerians to think of providing indigenous alternatives of products that are imported into the country daily.

He berated the Nigerian mentality that tends to look down on products produced locally noting that “it might not be the reality” insisting that “it is just perception”.

He also blamed corruption for crippling the growth of the economy in Nigeria. He frowned at the idea of importing goods “just because you think you can make more money”.