Expert Seeks Diversification Of Economy

GDPThe Federal Government has been urged to take advantage of the crash in oil price to begin an aggressive diversification of the economy.

Chief Executive Officer (CEO) of Chimons Ltd, Mr. Chibuike Achigbu, who made the plea in Lagos during breakfast meeting with select entrepreneurs, said successive governments refused to do the needful because of the oil windfall, adding that the country is paying dearly for those economic management lapses.

According to him, the failure to leverage the gains of the oil windfall in the past to build a strong manufacturing based economy makes the nation’s economy less resilient to the shock of a unpredictable oil market.

He said the situation is likely to get worse as most developed economies of the world are fast developing alternative energy sources.
Instead of engaging in endless blame game, the government, he said, should of necessity and priority, think out of the box and creatively engage the economic challenges by deploying the expertise of the best brains in economic re-engineering in Nigeria.

Achigbu, who is a top player in the oil and gas sector of the economy, said that even with the fall in oil price the sector is not a closed shop, regretting that the emphasis on oil exploration and crude marketing has narrowed down the value chain of the sector.



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