• Home
  • Privacy Policy
  • Ad Rates
  • Submit News
  • Contact Us
Sunday, December 15, 2019
The Eagle Online
  • Home
  • News
  • Sport
  • Politics
  • Columns
  • Business
  • Life & Style
    • Crime
    • R&D Health
    • Diet and Fitness
    • Intimacy
  • Entertainment
    • Photos
    • Fashion
    • Movies
    • Music
  • Advert Rates
No Result
View All Result
The Eagle Online
  • Home
  • News
  • Sport
  • Politics
  • Columns
  • Business
  • Life & Style
    • Crime
    • R&D Health
    • Diet and Fitness
    • Intimacy
  • Entertainment
    • Photos
    • Fashion
    • Movies
    • Music
  • Advert Rates
No Result
View All Result
The Eagle Online
No Result
View All Result

People, not oil, are the Nigeria’s greatest asset — Ex Finance Minister

by The Eagle Online
November 19, 2019
in Business, Economy
2 min read
Naira gains against dollar, closes at N358/$ at parallel market
67
SHARES
Share on FacebookShare on Twitter
ADVERTISEMENT
UBA wise savers

Dr Mansur Muhtar, Vice- President, Islamic Development Bank and Former Minister of Finance, says the greatest potential Nigeria needs to explore is its people and not oil.
Muhtar said this while unveiling of the Book “Pathways to Political and Economic Development of Africa” at the 7th Anniversary Lecture and Investiture into the Realnews Hall of Fame in Lagos.
The former minister spoke on “Beyond Oil: Whither the Nigeria Economy”.
He noted that with about 196 million people and projected at 401 million by 2050, Nigeria was the most populous country on the African continent, making it the largest after India and China.
“Nigeria has large numbers of young people, presenting opportunity for deepening human capital base for a sizable domestic and home market – growing size and strength of consumer class,” Muhtar said.
The former minister said “beyond figures, trends from the Economic Intelligence Unit database of November 2019 shows that Nigeria oil production was below potential and could be optimised by increasing investment”.
He said the government must also address security issue which had created supply disruption.
“Meanwhile, Nigeria is still a big player in the international market, largest oil producer in Africa, ranked 12th in the world, second largest amount of proved crude oil reserve in Africa, largest natural reserves on the continent,” Muhtar said.
The former minister, however, made case for economic diversification through broadening of sources of growth with greater domestic linkages.
He said this would shield the economy from price and output volatility, reduce vulnerabilities and allow sustainability of growth against natural resources depletion.
Muhtar said this would also enhance employment prospect by providing expanded and wider job opportunities, thereby facilitating a more geographically-balanced equitable growth.
The former minister noted that the advantageous geographical location of the country in West Africa was also its key asset that would facilitate its trade relations with neighbouring countries as well as easy access to European, North and South African markets.
Muhtar urged the government to create an enabling environment in human capital through investment in health, education, enhanced security, law and order.
“Leadership is not one person’s endeavour, a strong team that shares common ideals is needed; a critical mass of credible leaders and tough decision which demand end to business as usual,” he said.
Peter Obi, former Governor of Anambra, in his goodwill message, said that oil would not serve Nigeria or any county in the world.
Obi said the world was moving out of oil and Nigeria must follow suit and diversify and also invest in education.
“Oil has not serve Venezuela which has three times the oil reserve of Nigeria and it will not serve Nigeria or any other country either,” he said.
The News Agency of Nigeria reports that other dignitaries at the event included John Mahama, Former President of Ghana, Mrs Margaret Olele, Chief Executive Officer, American Business Council, Alex Okoh, Director General, Bureau of Public Enterprise, Dele Momodu, Publisher ,Ovation magazine, among others. 

Tags: Islamic Development BankMansur Muhtar
Share27Tweet17Share7
Previous Post

Illegal bunkering: Court jails nine oil thieves, four vessels

Next Post

Kogi, Bayelsa polls: PDP calls for investigation into violence

Related Posts

Federal Government

Border closure not breaching free trade agreement – FG

December 15, 2019
Nigeria joins 71 other countries to combat tax avoidance, share data

Fowler: Unexplained FIRS’ N40b ‘campaign fund’ sends Presidency on edge

December 15, 2019
Presidential aide attacks Julius Berger over another shoddy job

Presidential aide attacks Julius Berger over another shoddy job

December 15, 2019
TCN

FG to disconnect Benin, Togo over $16m power supply debts

December 15, 2019
Load More




Latest Updates

Tyson Fury rules out Joshua fight

EPL: De Bruyne sinks lacklustre Gunners

Greenwood rescues point for United

Vertonghen seals late win for Spurs

Tyson Fury sacks trainer Ben Davison

Basketball: 14 D’Tigress for 2020 Olympics qualification tournament

Fayemi commiserates with Mimiko over mum’s death

Suggestion I’ve joined APC — Fani-Kayode

Border closure not breaching free trade agreement – FG

Klopp says VAR has changed his touchline behaviour




ADVERTISEMENT
The Eagle Online

Copyright © 2019. All Rights Reserved.

Navigate Site

  • Home
  • Privacy Policy
  • Ad Rates
  • Submit News
  • Contact Us

Follow Us

No Result
View All Result
  • Home
  • News
  • Sport
  • Politics
  • Columns
  • Business
  • Life & Style
    • Crime
    • R&D Health
    • Diet and Fitness
    • Intimacy
  • Entertainment
    • Photos
    • Fashion
    • Movies
    • Music
  • Advert Rates

Copyright © 2019. All Rights Reserved.

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.Ok