Nige­ria lost op­por­tu­nity to di­ver­sify its econ­omy – CBN

Daily Trust - - BUSINESS - From Mo­hammed Shosanya, Lagos

Nige­ria frit­tered away the op­por­tu­nity to di­ver­sify its econ­omy be­tween 2009 and 2014 with a view to putting it on a sound foot­ing, a Deputy Gover­nor of the Cen­tral Bank of Nige­ria (CBN), Mr. Ade­labu Adebayo Adekola, dis­closed this in Lagos on Satur­day.

Mr Adekola, who spoke at the 2015 in­vesti­ture of the Char­tered In­sti­tute of Bankers (CIBN), said the pe­riod wit­nessed rel­a­tive sta­bil­ity in for­eign ex­change and an oil boom which, he ar­gued, cre­ated am­ple op­por­tu­nity for Nige­ria to di­ver­sify its rev­enue base.

Adekola, who was con­ferred with a hon­orary fel­low­ship of the CIBN, said it has be­come ob­vi­ous in re­cent times that rev­enue from oil and gas alone can­not sus­tain the na­tion’s econ­omy due to the global eco­nomic dy­nam­ics.

To him, it is not too late for the coun­try to re-har­ness its po­ten­tials in the agri­cul­ture sec­tor in or­der to in­crease its earn­ings and feed its cit­i­zens, adding the em­brace of agri­cul­ture should be ev­ery­body’s re­spon­si­bil­ity.

Say­ing Nige­ria has huge de­posits of solid min­er­als which have not been tapped, he stressed it’s time the na­tion de­voted se­ri­ous at­ten­tion to the sec­tor as a huge rev­enue earner and en­gine of growth and de­vel­op­ment.

Gov­ern­ment, he em­pha­sized, needs to bol­ster the real sec­tor if it must re­duce de­pen­dence on oil as its rev­enue earner.

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