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Yoruba group proposes measures to revive economy

27 January 2016, 18:15

Abuja - Egbe Omo Oduduwa, the pro-Yoruba political organisation, has recommended value-addition to the country’s resources in order to revive the economy.

This, it said, could enhance growth than merely diversifying the economy.

“It is not just about shifting away from dependence on oil, being an extractive enterprise, onto other extractive enterprises,” the organisation said.

“It is about shifting away from any form of dependence on any extractive industry and the only way such a shift could be maintained is by transforming such natural resources into manufactured products, a process we believe should now be addressed.”

Also read: The promise and challenges of a rebased economy

Egbe Omo Oduduwa pointed out the need to diversify the economy from oil followed the plummeting prices of the commodity in the international markets.

To defy such setbacks, the organisation also highlighted the need for political transformation.

“Thus, when ‘diversification’ is proposed as the solution to Nigeria’s economic conundrum as a result of her over-reliance on crude oil exports whose prices have taken a significant down turn, it is necessary that we not only address the purely economic issues but also the political conditions that led us to get into that mess in the first place.”

Established in 1945, Egbe Omo Oduduwa aims to unite the Yoruba, one of the largest tribes in Nigeria.





- CAJ News

Tags abuja economy

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