Nigeria lost opportunity to diversify its economy – CBN
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.