In light of this scenario, there is an urgent need to investigate potential strategies for shifting the Nigerian economy’s productive base away from oil. Today, unemployment is double digits, oscillating between 30% and 33%, and productivity is at its lowest point. Since Nigeria has been engaged in oil exploration for more than six decades, a significant number of its citizens continue to live in abject poverty, making this scenario extremely unfavourable to the country’s development strategy. At this time could the effective diversification agenda underlined within the Renewed Hope Agenda enable further solutions to escalate Nigeria’s economy? In pre-colonial Nigeria, the agricultural sector, which was the backbone of the thrift, was pushed to the side, and corruption in the system made it impossible to use oil revenues to propel the economy to the necessary level of growth. Under President Tinubu, it is time to truly diversify every aspect that can make Nigeria great through effective economic motley. Throughout the long term and in no time before Nigeria’s independence and after autonomy, oil has been a significant kind of revenue and unfamiliar trade for Nigeria as a result of its reliance on a solitary item for quite a long time.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |