NDIC, LCCI reiterate need for economic diversification

GOING by the recent economic challenges confronting the nation, particularly in the oil sector, the Nigeria Deposit Insurance Corporation (NDIC), the Lagos Chamber of Commerce and Industry (LCCI) in collaboration with stakeholders has stressed the need to diversify the nation’s economy as a way forward to improve the nation’s Gross Domestic Product (GDP).

The Managing Director/Chief Executive Officer, NDIC, Alhaji Umaru Ibrahim, who was represented by B.D Umar, at the Lagos International Trade Fair, at Tafawa Balewa Square, with the theme: “Enhancing Value Addition in the Non-oil Economy,” has stressed the need for concerted efforts and collaboration among all stakeholders for diversification of the nation’s economy from consumption and oil-dependent.

Umar said that, the chamber falls within the change mantra of the present administration which is geared towards creating business opportunities, promoting financial empowerment and self-reliance as well as opening up new frontiers for industrial growth.

“It is unequivocally clear that the financial sector is the engine room for economic growth and development,” he stated.

He said the 2015 trade fair was designed to highlight the nation’s potential in the core non-oil sector and the numerous human capitals to drive diversification and industrialization.

Also, the President of (LCCI), Remi Bello, during the NDIC special day at the ongoing 2015 Lagos International Trade Fair, with the theme: “Enhancing Value Addition in the Non-oil Economy,” said the drop in the price of crude oil makes economic diversification imperative.

He said: we are drawing attention to the need to reposition and diversify the Nigerian economy. The chamber wishes to address the issue of value addition in the Nigeria’s non-oil sector with a view to achieving industrialisation, which will enable the nation to earn more foreign exchange from commodities and processing in Nigeria.

We should discourage export of primary products like cocoa beans, raw groundnut and cashew seed.

“We have joined voices with the Corporation in seeking for necessary amendments to its extant laws that could boost the performance of the corporation’s core functions,” he said.

Speaking further, he said, the statistics from NDIC indicate that a total of 10,612 fraud cases in banks were reported in 2014, as against 3,786 cases in 2013, which showed an increase of 183 per cent. The amount involved in 2013 was N21.80bn as against N25.61bn in 2014.