Diversify Nigeria economy, South Africa-based group tells FG

The founder of the Guild of Nigerian Professionals in South Africa, Adetunji Omotola, urged the Federal Government to diversify the nation`s economy.

Omotola told the News Agency of Nigeria in Johannesburg that Nigerian professionals in South Africa were worried about the challenges facing the nation`s economy.

” You will agree with me that we have serious challenges with our economy because we have relied on oil for more than 50 years.

” The decline in the price of oil is affecting our ability to bring about the gains of democracy, especially in terms of the budget.

” We are running a deficit of about 3.5 per cent. The naira has been devalued by about 12 per cent and now the current value of the naira in the parallel market is more than N200.

” Nigerian professionals in South Africa are worried about this situation,” he said.

Omotola urged the Federal government to diversify the nation`s economy using agriculture, solid minerals and other diverse resources which abound in the country.

According to him, the Federal Government should diversify the economy by building on the success achieved by the former minister of agriculture and current President of the African Development Bank, Akinnwumi Adesina.

Omotola also said the nation had challenges that required the banks and other sectors to intervene to alleviate the adverse effects on the people.

” You need to look at the fact that about 10 million children of school age are not in school, you need to look at the fact that many of our best and brightest are living outside Nigeria.

” You need to look at the fact that even in terms of university enrolment, only half a million of them can get into the university, so we have a shortfall of about 1.5 million.

” That is why we need to expand our economy. We need to get everybody involved. The banks need to loan more money and create more mortgages at lower interest rates,” he said.

Omotola said tourism sites in Nigeria should be expanded because they have potentials to earn more revenue for the country.

” The example of Cross River should be duplicated in areas like Mambilla Plateau and Idanre while many other sites should be promoted.

” There is no need to travel to Dubai and London when we have the best in Nigeria.”