Former governor of Anambra state, Peter Obi, has provided three steps Nigeria can take to get out of the current economic recession.
Premium Times reports that the former governor spoke at the 1st Annual Conference of the Guild of Corporate Online Publishers (GOCOP) which held on Thursday, August 10, at Renaissance Hotel, Ikeja in Lagos.
Obi spoke on the theme of “Sustaining growth through diversification of the economy” where he said that although the economy was already diversified, oil still accounted for 90% of the country’s foreign exchange.
He listed three steps that must be taken which are:
1. Embark on aggressive savings
2. Eiversification of the economy towards manufacturing
3. Investment in developmental education
He said: “Our economy is fully diversified because the non-oil sector is actually contributing about 80 per cent to our GDP today.
“But the tragedy of our economy is that 90 per cent of our export revenue is derived from just one sector – oil.
“Diversifying our economy through manufacturing and investment in education is what we require today to turn around our economy.
“And by aggressive savings we’ll be able to get the resources to bring about micro economic stability to the country, defend our currency and be able to attract FDI and portfolio investments and unlock the resources to invest in our deteriorated infrastructure.”
Professor Akinyemi Onigbinde who was the keynote speaker said the country must first restructure its polity before diversifying its economy.
He said: “Let me say this, and it is with all sense of responsibility, that the proponents of this ‘diversification’ theory, with respect to the chronically ill Nigeria economy, are not being honest.
“Indeed, I dare say they are being mischievous, just as they insist on playing Nero as our Rome prepares to go up in flames. Truth is, for Nigeria, it may well be one-minute to midnight, if we continue to ignore the ‘first principle’ in nation-building.
“So, what is responsible for Nigeria’s arrested development, to put it in a counter thesis to GOCOP request: Nigeria economy cannot enjoy a sustainable growth and neither can it be diversified because there is even no basis for economic growth.
“As I had earlier suggested, what economy are we to diversify? And As I had also insisted on, there can be no economy to be diversified, hence there will be no growth as to speak of ‘sustainable growth.’
“But let us, however, say that Nigeria will continue to remain in a state of suspended animation, economically, so long as some sections of the Nigerian nation space feel short-changed by the Nigeria political economy, due, largely, to the operations of present structure of the Nigerian state.
“Truth is, so long as the centre holds a ‘veto power’ over the economic activities of Nigeria so-called federating units, so long will Nigeria manifest destiny remain dormant.”
Osinbajo made his comments at the Presidential Villa, Abuja while speaking at the Nigerian Initiative for Economic Development (NIED), on Monday, August 7.