Economic Development: Stakeholders task FG to diversify from oil

Stakeholders from many sectors have called on the Federal Government to make a U-turn after six decades of heavy reliance on petroleum resources.

They emphasized the significance of diversifying the economy by focusing on undeveloped sectors such as tourism.

They stressed that Nigeria had enormous fertile land, a huge labour force and a dynamic entrepreneurial culture, all of which could be used to promote growth and provide job opportunities.

Henry Thomas, Executive Director of Advocacy for Good Ethics and Accountability Development, made the call during the group’s second legacy summit in Abuja.

He said: “The year 2023 has been a very challenging and difficult year for almost everyone in the country. Nigeria as a country has no business with poverty, the country has rich natural and human resources.

“Nigeria was a leading producer of many sectors such as apparel, garment, arts and crafts, cosmetics. The beauty industry and agro-commodities contributed immensely to the growth of our nation’s Gross Domestic Product (GDP).

Sam Agbi, a former Director of Performing Arts at the National Council for Arts and Culture, stated the necessity for the country to tap into the wealth of the creative industry.

“You leave your house for a purpose. You don’t just travel just like that, there must be a reason and so you marry tourism and culture. But, in the case of Nigeria, it is only cultural tourism that we have a comparative advantage.”