Government urged to be pragmatic in diversifying nation’s economy

All levels of government in Nigeria have been advised to be pragmatic in all steps taken to diversify the nation’s economy, as premium should be placed on agriculture and solid minerals as alternative economic resources to crude oil.

Niyi Afolayan, managing director, Lower Niger River Basin Development Authority, gave the advice at a media chat in Ilorin at the weekend, saying the next level for Nigerian economic growth and development was to look inward and massive drive towards unlocking opportunities in agriculture and solid minerals.

Afolayan, who described agriculture as backbone of any thriving economy of the world since it provides the basic needs to mankind and major raw material used in various industries, said the increasing rate of unemployment would be dealt with decisively if Nigerian youths engaged in agriculture and other activities in the extractive sector of economy.

He said: “The country’s economy is mono-cultural, depending on a single commodity – oil, while other sectors of the economy have been relegated to the background. It must be stated that management of oil revenues has proven inefficacious in driving the economy to bring about needed level of development and we must re-trace our steps back to agriculture.”

While agriculture was identified as a treasure everyone must embrace, he however, admonished young graduands of various institutions and vocational centres to be entrepreneurial in their approaches instead of total dependence on white-collar jobs, and encourage government at all levels to provide them access to credit loans and tools.