Economic Growth: Nigeria Urged To Focus On Diversification

In order to achieve economic growth, Nigeria has been urged to diversify its economy.

According to the Minister of Industry, Trade and Investment, Mr, Olusegun Aganga, the nation would remain poor forever if it pays little or no attention to economic diversification.

Speaking on Thursday, January 29, during a facility tour to Sparkwest Steel Industries Limited in Ogun State, Aganga explained that the fall in oil price is a warning to the country to hurriedly seek new avenues to generate revenue for the country.

“This is why the president launched the Nigeria Industrial Revolution Plan NIRP to focus on areas where we have competitive advantage. The days of relying only on crude oil are over and this is an opportunity for us to fully diversify our economy. I am very delighted that this government under President Goodluck Jonathan already has a plan to harness this opportunity to diversify the economy,” he said.

The minister said that the NIRP was working but needs consistency and continuity for another 5 to 7 years to achieve its mandate, adding that  if Nigeria continues with the initiative, it would diversify the economy, create millions of jobs and earn more foreign exchange from export.

 

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