Expert calls for diversification of Nigerian economy

Prof. Sarah Anyanwu, Head of Economics Department, University of Abuja, has called for the diversification of the Nigerian economy, to address the ongoing economic crisis in the country.

Anyanwu made the call on Tuesday in an interview with the News Agency of Nigeria (NAN) in Gwagwalada, Abuja.

She said that the nation’s economy was gradually declining due to fall in oil prices at the international market.

According to her, the nation’s economic activities have not been met as the revenue realised from the energy market is going down.

“ This fall has a lot of implications on the economy as the revenue realised from the oil sector falls.

“Lots of activities will not be met; even job creation is almost at zero.

“ For the first time in the country, some state governors cannot pay workers’ salaries. Somebody who cannot pay salaries will not think of creating jobs,’’ she explained.

According to her, the agriculture, mining, functional tourist centres and manufacturing sectors can be explored to create job opportunities and reduce poverty.

“We need to come back to reality and not cast all our eggs in one basket.

“ This problem has multiplier effects, as the poverty level is rising, standard of living generally is falling and unemployment is on the increase.

“The productivity of workers who have not been paid will fall. So we need to diversify our economy in order to solve the problem at hand,’’ Anyanwu said.

NAN recalls that the oil prices backed down from 54 to 50 dollars per barrel recently for Brent Crude.