Buhari Deserves Commendation For Diversifying From Oil – Adeshina
Femi Adesina, who is the Special Adviser on Media and Publicity to Nigeria’s President, Major General Muhammadu Buhari (retd.), has commended Buhari for diversifying the country’s economy from oil.
Adesina made this statement while speaking on Channels TV on Monday Night.
Nigeria predominantly relied on oil as its main source of revenue before the Buhari administration came to power, and the country was badly affected when the international oil market crashed.
However, Adesina pointed out that the country has moved on from that era and that oil now contributes less than 10% of Nigeria’s Gross Domestic Product, as opposed to about 90% in the past.
Adesina further said that the administration deserves credit for diversifying the economy, which is no longer just a promise, but a reality.
Agriculture, Information and Communication Technology (ICT) as well as manufacturing, according to him, are now contributing significantly to Nigeria’s GDP.
Nigeria has always had a vast potential for non-oil sectors, and the diversification of the economy is vital to the country’s future.
Historically, Nigeria’s over-reliance on oil for revenue has led to many challenges like a significant fall in foreign reserves, high unemployment, and an increasing poverty rate among others.
Despite challenges faced in Agriculture and Manufacturing sectors, President Buhari’s administration has been proactive in addressing these challenges to actualize the potential of these sectors for Nigeria’s economic growth.
BuhariThis has been achieved through several policies and innovative reforms, such as the Anchor Borrowers’ Programme in the Agriculture Sector, and promoting the patronage of locally-made products.
Therefore, Adesina’s commendation of the diversification of Nigeria’s economy is well deserved, and it is hoped that the country will continue to intensify its efforts and harness its potential in other sectors.
By doing so, the diversification process can be sustained, Nigerians will enjoy a better life, and the country would be on the path to long-term economic growth and development.
