The LCCI’s worry was contained in a press statement signed by its Director General, Dr. Chinyere Almona, on Wednesday.
Browsing: economic diversification
Panellists at the 65th Annual General Conference of the Nigerian Bar Association, (NBA) have called for efforts to sustain economic diversification and inclusion growth programmes in order to promote agriculture, manufacturing and tradable services
Other measures required include: business-friendly regulatory policies, economic diversification and employment generation among others.
Top government officials, including the Minister of Transportation, Rotimi Ameachi; Minister of Science and Technology, Dr. Ogbonnaya Onu; Prof. Umar Garba Danbatta, Executive Vice Chairman/CEO, Nigerian Communications Commission, who joined experts to deliberate at the virtual WorldStage Economic Summit on November 10, 2020, agreed on the urgent need for the country to control its development agenda and ensure the success of home-grown solutions.
Danbatta made the statement in a paper he delivered at a two-day hybrid online and onsite Annual Directors Conference, organised by the Institute of Directors (IoD).
According to a statement by WorldStage, the organisers, keynote speakers at the summit will include Hon. Rotimi Amaechi, Minister of Transportation, Nigeria; Dr. Ogbonnaya Onu, Minister of Science and Technology, Nigeria; and Prof. Umar Garba Danbatta, Executive Vice Chairman and Chief Executive Officer, Nigerian Communications Commission.
True to Umahi’s forecast, the consequent decline in federal revenue filtered down to the States, creating a deep lacuna in both capital and recurrent budgets of the entire nation, a development which almost crippled most States and resulted in government -Labour face-offs in a good number of States, among other crises.
1. The composition of our total output seems to suggest a diversified and well-balanced economy. The size of our economy in 2019 was N146 Trillion (about US$448 billion). Oil and gas accounted for only 10 percent and non-oil contributed 90 percent. If we further disaggregate the non-oil output, agriculture had a share of 20 percent, industry-21 percent; and Services-49 percent. On the face of it, this looks like a well-diversified economy.
With this historic maiden voyage from its Export Terminal located in Apapa Port, Lagos over the weekend, Dangote has gradually made Nigeria, which until recently was one of the world’s largest bulk importers of cement, first self-sufficient in cement production and now an exporter of cement clinker to other countries.
The paradox of a federal state with a unitary economic management model has been cited as a major reason why Nigeria is yet to achieve economic diversification despite effort by successive governments.
The Senate President, Dr Bukola Saraki, on Monday in Abuja said it was very important that the local governments are allowed to operate independently of the state governments.
Sadik, a Professor of Bio-analytical and Environmental Chemistry, said this in an interview with the News Agency of Nigeria at the ongoing 9th Annual Forum of NNOM on Wednesday in Abuja
According to him, diversification without modernizing “won’t go far. If we diversify sources of government revenues but continue to concentrate too much power and resources in central governments, we won’t go far in achieving freedom and development in advancing our societies