Pat Utomi, a professor of political financial system, says Nigerian leaders have executed little to diversify the nation’s financial base.
Utomi mentioned this in Abuja on Friday in an occasion marking the launch of the Rebuild Nigeria Initiative (RNI) themed “Nigeria succeeds, Africa succeeds, the world is best”.
RNI is a coalition of involved Nigerians globally with a mission to advocate and facilitate peace dialogues.
Utomi mentioned the youths are the most important advancers of the financial system in any nation however the Nigerian authorities had did not put money into the training and different sectors that might encourage them.
“The phrase diversification, for those who do a content material evaluation have to be probably the most used phrase in finances broadcasts in Nigeria. For greater than 30 years I’ve heard, that the article of coverage is to diversify our financial system away from monocultural dependence on crude oil. I imply, I’ve heard it so many occasions that it’s like enjoying in my head,” he mentioned.
“Sadly, we’ve executed little or no in that path and it has assumed a brand new urgency as a result of the world goes by an power transition and the power transition that implies that crude oil, forgetting that it’s a finite useful resource, however in 10-12 years from now, as shut as that few automobiles will run on petrol and so we’ve received to place our hydrocarbons endowment to other forms of makes use of. It couldn’t be the staple that now we have right this moment and who will probably be in deep disaster.”
Utomi mentioned Nigeria is among the African international locations the place pure mineral endowment has continued to be an issue.
“Very importantly, even when that have been to not occur, what crude oil has executed to us as a result of we all know the diversified base is so horrifying. However, you recognize, most of Africa’s issues have come from a mineral useful resource endowment. Individuals have fought over simple cash and have develop into poorer whereas they might have used to supply.”
Earlier, Ituah Ighodalo, chairman of the RNI, mentioned Nigeria is in precarious occasions, characterised by fault strains borne from ethnoreligious conflicts.
The chairman additionally urged well-meaning residents to come back collectively to speed up progress in the direction of a brand new Nigeria the place the rights and wellbeing of the individuals are prioritised.