Falling Oil Price: FG Harps On Diversification

Bothered by the persistent fall in the price crude oil in the global market, President Goodluck Jonathan has promised to commit to the diversification of the economy in order to address harsh effects that came with the drop.

Speaking on Sunday, January 25, at an interactive forum organised by the private sector and leaders of professional bodies in Lagos, the president said his administration was being run on the philosophy that the role of government was to set up the enabling environment for the private sector to run the economy.

Also speaking at the event was the Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, emphasised that the thrust of the present administration’s economic policy was diversification.

“Before the fall in oil price, the president saw the need to tap into the rest sectors of the economy. Transformation agenda is equal to diversification agenda. We saw the need to develop the agricultural sector which stands at 22 per cent, services at 51 per cent, industry at 26 per cent, telecoms at 8 per cent and then you have the creative industry at 1.1 per cent,” she said.

She listed on-going reforms in the rail and port sectors as some of the achievements of the Jonathan administration.