BUSINESS Why economy suffered from oil price decline- NEPC boss

Nigerian’s failure to diversify its economy from overdependence on oil revenue is one of the factors that contributed in exposing the nation’s economy to vulnerabilities in the face of declining of oil prices.

The Executive Director of the Nigerian Export Promotion Council, (NEPC), Alhaji Abdullahi Sidi Aliyu made the assertion yesterday at a stakeholders’ forum held in Kano.

Aliyu explained that the neglect and non-development of critical sectors, especially the non-oil export had turned the oil resources to “resource curse.”

He said although successive governments at the federal level had introduced various programmes for diversification of the nation’s economy and enhancing growth, however, decades after, there has not been any perceptible improvement in the economic malaise.

“This is because the oil sector still is the large contributor to the

nation’s economy. In 2016, oil sector contributed 91.9 per cent to the total export earnings and 76.5 per cent of total government revenue. Chracterised by low output growth, high unemployment rate and rising inflation, the Nigerian economy has continued to perform below its potentials, especially in recent years,” he lamented.

NEPC’s Zonal Director in-charge of North-West, Alhaji Abdulkadir Mamman said in order to enhance competiveness of non-oil sector and the growth of SMEs, there was need for increase collaboration among stakeholders, including government, operators in the sector, universities and research institutes.