The continued dwindling of crude oil price should not be considered a curse but should be seen as a blessing to Nigeria, as it helps facilitate the nations quest for diversification and revitalization of its economy.
Diversification of economy is the process of shifting the economy away from a single income source, towards multiple sources from a growing range of sectors and markets . It is the process of recognizing other Nigerias God given Endowments like good soil, good climate, tourism, hardworking citizens and various money spinning mineral resources.
It is an incontrovertible fact that petroleum has contributed substantially to Nigerias revenue, since its discovery in 1956. Revenue from petroleum has since been the mainstay of Nigeria economy.
However economic experts have called on Nigeria to diversify its economy from a mono-product economy to one that relies on income from varied products. By this fall in oil price, it is a well known fact that Nigerias large earnings or revenues realized from this sector have been truncated.
Diversification of the Nigerian economy places less emphasis on oil but more in other sectors like mining and agriculture. The federal government has said that priority will be placed on policies that will boost domestic manufacturing, while attracting greater investments in the agricultural, mining sector and industries.
There is no gainsaying the fact that, the diversification of the economy have futuristic benefits to Nigeria. The diversification of income sources of the country will foucus on revitalizing the agricultural and mining sector which ultimately create employment opportunities for many Nigerians and thus, help in curbing insecurity and crime.
Diversification can also increase exportation of goods, reduce importation. This will ultimately aid the sustainability of the economy and source of revenue. Investing more into tourism as part of the diversification strides, will place the country in the limelight as tourist attraction.
What will boost infant industries in Nigeria other than diversification of the nations economy? Nothing! With more focus and investments in the Nigerias industries there will be improved as well as increased exports of “made in Nigeria goods” which will contribute substantially to the economic growth of the country.
The benefits of diversifying the Nigeria Economy by the federal government cannot be overemphasized. The diversification of the Nigerian economy will create a more substantial and stable economy. The gains of diversifying the Nigerian economy will be seen in the improved living standards of the entire citizenry as a result of job creation through the revitalization of agricultural and mining sector and the attraction of foreign investors, thereby improving foreign earnings.
Signed
IJEOMA IGHEGHE
FIC BENIN
Thursday, 20th March, 2025
