World economic challenges catching up with us. We had high and stable oil prices for years. Remember that during Abdulsalam it dropped to about $ 10 / barrel at a point. Till we diversify the economy, we will always be at the mercy of the developed world. A chicken farmer will smile thinking that we MUST eat chicken and eggs till bird flu comes along and he has to destroy this whole brood under government regulation. New oil sources are being sought, electric cars are gaining ground, Kenya from virtually no oil 6 years ago has the same oil reserves as Nigeria and is a more stable and ordered environment than Naija. I think Nigeria should look to the private sector and look deeply and SERIOUSLY into manufacturing. even if we make underwear for export and local consumption, it solves a whole lot of problems like generating dollars for the economy, giving us new areas of expertise, making traders think of new markets and learning requirements etc. We can survive but it cannot be business as usual. Japan, Singapore have virtually no natural resources yet they are among the wealthiest nations and we with oil have been grappling with poverty for as long as I can remember.
Posted on: Thu, 27 Nov 2014 05:41:45 +0000
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