In an interview on Arise TV, on Tuesday, an economist and public affairs analyst, Ifediora Amobi, faulted the government for prioritising the oil sector while neglecting other potentially lucrative sectors.
“Despite the immense potential within the non-oil sector, our continued emphasis on oil has hindered broader economic growth,” Amobi remarked.
He commended President Tinubu for introducing fresh approaches, such as the blue economy.
Amobi echoed the importance of diversification, suggesting that the nation could substantially reduce its reliance on crude oil revenue by exploring diverse areas, including agriculture, manufacturing, and logistics services.
The economist outlined a variety of growth opportunities inherent in those sectors, underscoring the substantial economic gains that could be achieved through such diversification strategies.
Amobi noted, “These are areas that if we focus on and also include the creative industry, arts, and culture, there is a lot of potential. There is so much that can be generated in those areas if we take the right steps.
“We have the chance to move away from our traditional reliance on crude oil revenue and venture into various value chains in agriculture and manufacturing,” he said.
Addressing the issue of governance costs, Amobi drew attention to the significant financial impact of personnel expenses on the overall cost of governance.
He criticised the tradition of having many personal assistants and advisers for elected and appointed officials, referring to many of those positions as “jobs for the boys”.
He advocated a streamlined approach, emphasising the importance of eliminating duplications and overlaps in personnel positions.
Such an approach, Amobi noted, could lead to substantial savings in salaries, overheads, and various expenses at both the federal and state levels.
In his words, “Most elected officials or even appointed officials do not necessarily need all the personal assistants and advisers. Most of it is what Nigerians regard as jobs for the boys. There are lots of duplications and you know, job overlaps, which can be avoided.
“And if that is trimmed down to the barest minimum, it is going to make a big impact on what the government saves in areas of salaries and overheads and other expenses that you know it can budget for both at the federal and state levels,” he said.
Speaking with The Punch, former Zenith Bank Chief Economist, Marcel Okeke, said there was a need for policies that would stimulate the economy and reduce reliance on imported goods.
He recommended improving the agricultural sector by enhancing the security of farmers.
“We need to move away from farming on a smaller scale to mechanised farming. The government must start talking about how to deal with insecurity and provide farmers with the necessary support.
“Do our farmers still go to the farm today? If we have to stimulate the economy, we have to allow people to go to farms by providing security,” he said.
According to the National Bureau of Statistics, the agricultural sector accounted for 4.3 per cent of Nigeria’s total exports (N6,487.04 billion) in the first quarter of 2023.
He said the core issue lay in Nigeria’s heavy dependence on crude oil exports, leaving the economy vulnerable to global oil price fluctuations.
“Nigeria’s economy is largely dependent on oil and if there are no measures in place to earn in foreign currencies, it becomes suicidal to the economy,” he noted.
