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Put emphasis on diversification of economy - experts

28 June 2012, 13:28

Lagos - Financial experts have advised the federal government to put emphasis on the diversification of the economy to minimise effects of dwindling price of crude oil in the international market.

They told the News Agency of Nigeria (NAN) in Lagos on Thursday that it was time the country started planning well by fully exploiting all the non-oil resources.

NAN reports that crude oil price has dropped to below 100 dollars per barrel from between 121 dollar and 123 dollars in January.

Dr. Samuel Nzekwe, former president of Association of National Accountants of Nigeria (ANAN), urged the federal government to take proactive steps to activate other sectors of the economy.

Nzekwe said that government should particularly stimulate the manufacturing sector to increase its production for local consumption and export.

He said that this would generate more employment and boost foreign exchange earnings.

 “Any country that fails to plan will plan to fail, because the price of crude oil will not remain unchanged forever, especially now that the price has started falling in the international market,” he said.

Mr Ayodeji Fagbenle, General Manager, Cash Craft Assets Management Ltd., said that Nigeria had great potential and urged the government to utilise the excess crude oil revenue well.

Fagbenle advised that government should develop the agricultural sector for it to impact positively on the gross domestic product.

“The ability of federal government to tackle corruption and revamp the agricultural sector will create job opportunities,” the manager said.

He also urged the government to resuscitate the local refineries to reduce importation of refined petroleum products.

Fagbenle said that repair of the refineries was necessary so that the money used to import fuel would be spent on capital projects.

Dr. Tunde Adeoye, a Senior Lecturer, Department of Economics, University of Lagos, urged the government to spend the excess revenue from oil judiciously to develop other sectors of the economy.

He also advised government to assist local manufacturers by making the environment more business friendly.

Adeoye said that this would enable them to produce more and this would have multiplier effects on the economy. 



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