Former Vice President Atiku Abubakar has known as for the diversification of Nigeria’s financial system, warning that the nation won’t ever be industrialized by way of dependence on crude oil.
Atiku who was the presidential candidate of the Folks’s Democratic Occasion (PDP) within the 2019 election, mentioned this in an article he printed on his Medium account.
Within the publish captioned “How to Pull Nigeria from the Brink,” Atiku known as on the Nigerian authorities to look into the agricultural sector as a method of shoring up income within the face of dwindling oil fortunes.
“We must face the fact that reliance on crude oil is failing Nigeria and other mono-product economies, crude oil exporters,” he mentioned.
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Recalling how agriculture was the mainstay of Nigeria’s financial system within the 50s and 60s, Atiku admitted that diversification may not be straightforward however mentioned it’s doable.
Whereas citing the United Arab Emirates (UAE) and Saudi Arabia as examples of oil-producing nations who’ve diversified their economies, he known as on Nigeria to make the most of the African Continental Free Commerce Space settlement (AFCTA) to make the nation “become an agricultural powerhouse in Africa.”
In accordance with him, Nigeria should study from “Venezuela’s predicaments,” stressing that “what is abundantly clear is that Nigeria is never going to become an industrialized nation by selling more oil, even if the oil market recovers.”
Additionally, he known as for cost-saving measures together with letting go of the Presidential Air Fleet, the cancellation of the deliberate renovation of the Nationwide Meeting and discount of budgets for the legislature amongst others.
“We cannot be funding non-necessities with debt and not expect our economy to collapse,” he warned, including that “The same cost-saving measures must be adopted by the states and councils government.”