Nigeria's economy has gone down,says Ngige
Wed Feb 19, 2020 08:24:am National
1.1K By Afam Jude Offor
The federal government has admitted that Nigeria’s economy has “gone down.” This was stated by the minister of labour and employment, Chris Ngige on Tuesday, February 18 when he hosted the United States of America Ambassador, Mary Beth Leonard.
Ngige also spoke on the economic downturn, saying Nigeria made a mistake depending on a single revenue source for decades. His words: “Our economy has gone down; we know we made the mistake of relying on products, petroleum. When petroleum prices loop down, we had some insurgency in the area of production in Niger delta, our earning concomitantly, had to go down.” Speaking on the federal government's diversification policy, Leonard said that there was a need for the skill set of Nigerians to be effectively harnessed and internationalised. She called on the Nigerian government to capture the entrepreneurial spirit in the informal sector by bringing it into the formal sector service to enhance employment generation in the country. The Buhari administration has since been promoting the diversification of the economy to curb the massive unemployment in the country. The government says it is more serious about achieving inclusive economic growth through diversification and focus has shifted away from oil and towards the industries. Ikenna Ochei wrote: By prioritizing agriculture, President Buhari is recalibrating the Nigerian economy for a sustainable green revolution bringing it in full alignment with the global environmental necessities and deepening its capacity to optimally minimize socioeconomic inequality and poverty. A Nigerian professor of political economy and management expert, Pat Utomi, however, says majority of Nigerians have lost hope in the country and had already given up. Utomi said urgent national dialogue is needed to discuss the political future of Nigeria and it was high time concerted efforts were made to fix the numerous problems in the country. Utomi lamented that Nigerians were not having a national public conversation which should focus on the common good of the populace.
Ngige also spoke on the economic downturn, saying Nigeria made a mistake depending on a single revenue source for decades. His words: “Our economy has gone down; we know we made the mistake of relying on products, petroleum. When petroleum prices loop down, we had some insurgency in the area of production in Niger delta, our earning concomitantly, had to go down.” Speaking on the federal government's diversification policy, Leonard said that there was a need for the skill set of Nigerians to be effectively harnessed and internationalised. She called on the Nigerian government to capture the entrepreneurial spirit in the informal sector by bringing it into the formal sector service to enhance employment generation in the country. The Buhari administration has since been promoting the diversification of the economy to curb the massive unemployment in the country. The government says it is more serious about achieving inclusive economic growth through diversification and focus has shifted away from oil and towards the industries. Ikenna Ochei wrote: By prioritizing agriculture, President Buhari is recalibrating the Nigerian economy for a sustainable green revolution bringing it in full alignment with the global environmental necessities and deepening its capacity to optimally minimize socioeconomic inequality and poverty. A Nigerian professor of political economy and management expert, Pat Utomi, however, says majority of Nigerians have lost hope in the country and had already given up. Utomi said urgent national dialogue is needed to discuss the political future of Nigeria and it was high time concerted efforts were made to fix the numerous problems in the country. Utomi lamented that Nigerians were not having a national public conversation which should focus on the common good of the populace.
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