A predilection for economic diversification
By Aliyu Zainab 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 generate revenue. The incubus attached to this is the tragic fact that oil is non renewable as it is bond to terminate. Not only that, with the burgeoning unimaginable speed of technology. The use need as well as the usefulness of petroleum is 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 total quagmire either in the short or long run.part of the panacea is for the country to place much emphasis on the other economic sustainable sector for both revenue as well as income generation. Such 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 apparently 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 ‘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.
Agriculture is worthy of giving in unadulterated attention for economic diversification. Indubitably agriculture sectors are integral part of humanity and they are sustainable as well. Via agricultural, a multiple of countries achieved economic stability, growth and prosperity which eventually ushered them to resounding success . China, Brazil, United state of America and many other countries are the quintessence of those countries with tempting economic situations.
Further more if Nigerian governments can give 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 an albatross for Nigerians, specifically those dwelling in rural and agrarian areas.
The agricultural system is entire taking a new dimension in some northern parts of Nigeria which is purely capitalistic. They have continually extend their domineering influence on the peasant farmers. Immediately before harvest time, they have 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 certainty, to avoid being shrouded in 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,
Mass communication
Ahmadu Bello
University, Zaria
