Browsing: economic diversification

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.

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.