A University teacher has attributed the economic quagmire in the country to the failure of successive governments to develop diverse opportunities available in the country.
Speaking at a forum in Ado Ekiti at the weekend, a Professor of Development Economics and Director of Entrepreneurship Study Centre of the Ekiti State University (EKSU), Ariyo Awe stressed that contrary to the general belief that Nigeria runs a monolithic economy which needed to be diversified in order to overcome the current economic downturn, the economy was already substantially diversified but only needed the government and people of the country to take advantage of the variety of opportunities available in the economy to battle the seemingly unending recession.
Emphasizing that Nigeria has a lot of sources to generate national wealth, Awe said it was inexcusable that people living in such a richly endowed country could be living in abject poverty.
According to him, some sectors like the tourism, manufacturing and agro allied as well as the entertainment industry popularly known as
“Nollywood” were being grossly underutilized as a foreign exchange earners in spite of its huge potential of improving the lots of the people in the country.
“The rebasing of the Nigerian economy in 2014 showed that the economy had been substantially diversified as the telecoms sector and the entertainment industry popularly known as “Nollywood” made substantial contributions to the nation’s Gross Domestic Product.
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