Nigeria’s Economic Future: Embracing diversification for long-term prosperity, by Zainab Aliyu Lawal
In this present dynamically competitive world, replete with sophisticated technological tentacles, a country can not make great strides with superfluous and cumbersome reliance upon a mono-economic source of income.
In Nigeria, crude oil contributes over 85% of the country’s generated revenue. The incubus attached to this is the tragic fact that oil is non-renewable as it is bound to terminate. Not only that, with the burgeoning unimaginable speed of technology. The use need, as well as usefulness of petroleum, are gradually becoming anachronistic due to the invention and production of electrical vehicles.
Economic diversification can only safeguard the country against its potential economic stagnation. Otherwise, Nigeria will be a total quagmire either in the short or long run. part of the panacea is for the country to place much emphasis on the other economically sustainable sectors for both revenue as well as income generation. Such a sector should be agriculture. Prodding entrepreneurial spirit and involvement, services sectors, and many more other promising sectors that will enormously aid in bolstering our economy. Reinvestment should not be turned a blind eye to as it transpires in Nigeria.
The point I try to accentuate here is that the petrodollars flowing down to the country ought to be reinvested in other feasible sectors. The aforementioned petrodollars have to be invested into genuinely realistic sectors of the economy that will create jobs. This is referred to as the ‘multiply effect’. When money is put into economic activities. Particularly in the real sectors, there would be first of additional revenue generation, employment creation so forth.
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Agriculture is worthy of giving unadulterated attention for economic diversification. Indubitably agriculture sectors are an integral part of humanity and they are sustainable as well. Via agriculture, multiple countries achieved economic stability, growth, and prosperity which eventually ushered them to resounding success. China, Brazil, the United States of America, and many other countries are the quintessence of those countries with tempting economic situations.
Further, if Nigerian governments can give equal significance and consideration to farming as it does to crude oil, striking a balance between the two sectors, without a doubt, free the country from economic entanglement as well as destitution which has been over the years and albatross for Nigerians, specifically those dwelling in rural and agrarian areas.
The agricultural system is entirely taking a new dimension in some northern parts of Nigeria which is purely capitalistic. They have continually extended their domineering influence on the peasant farmers. Immediately before harvest time, they have to go around to the nook and cranny across separate villages and hamlets purchasing crops before they are harvested and soon have the crops harvested. They then ultimately hoard up the crops, particularly rice grains.
Finally, I can say with a high degree of certainty, that to avoid being shrouded in an economic predicament, the system must be revamped by embracing bona fide diversification in the Nigerian economy. I have earlier pinpointed and accentuated some of the economic sectors that if they are taken into cognizance, the economy will certainly bolster without any encumbrances.
From Aliyu Zainab Lawal
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