IoD forum charts path to diversified economy

AS the Federal Government of Nigeria embraces the reality of the nation’s mono-economy and makes efforts to shift attention from depending onoil, experts have said that the country must not only focus on the neglected sector of the economy but come to terms with present reality and design an apolitical audit geared towards a diversified economy.

The experts, who converged at the August Members’ Evening of the Institute of Director (IoD) In Lagos stressed that Nigeria must consider its current population, take stock and distribution of assets and understand that there are only limited global sources for investment.

The guest speaker at the event, who is also the Executive Secretary and member of the Board of Trustees of Lakaji Development Alliance (LDA), HenriiNwanguma said the government must design innovations on short and long terms, which would swiftly address the menace of a single economy.

He said: “Nigerians must unleash their creativity to harness the potentials in the country, particularly in the untapped sectors such as entertainment, housing, Information and communications technology (ICT), tourism among others”

Nwanguma stated that the government must get to work by clamping down corruption, improve on infrastructure to ease the cost of doing business, give incentives as well as strengthen the rule of law so as to make the country more attractive to retain existing and create new businesses.

He added that the country must become “single-mindedly and engage in only what we have comparative advantage for no matter how emotionally appealing”.

While noting that there was need to reduce inefficiency by creating connections between the different sectors of the economy, Nwanguma said there was also need to involve Nigerians in Diasporas to develop a cohesive source of ideas and funds.

According to him, the nation must consider criminalising illiteracy and make qualitative education a right of all, no matter the age and circumstances of the citizens.

In his contribution, the President and Chairman of Council of IoD, Samuel Akeju said: “The diversification of the Nigerian economy has become an issue on the front burner given the increasing need to source for means of boosting non- oil revenues to compensate for dwindling oil revenues”.

Akeju stressed that the nation must critically consider shifting attention to the agriculture and agric-business as key players in the diversification efforts.