COVID-19 has exposed Nigeria’s unpreparedness to manage and survive critical situations despite the over $80 trillion oil revenue over the last 40 years.
This was declared by Abdul Ganiyu Olododo, chairman, House of Representatives’ committee on national planning and economic development.
Olododo made the declaration during a public hearing on the ‘need for Nigeria to develop a long-term socio-economic development and make adequate plan for a post-oil economy’, which held in Abuja on Tuesday.
The lawmaker argued that diversifying the nation’s economy was the only option to survive the current and future global economic uncertainties.
“Crude oil which for several years dominated Nigeria’s foreign exchange earnings is currently undergoing price fluctuations as a result of changes in global realities and energy-efficient innovations. This has forced us as a nation to not only have a rethink but to also think outside the box.
He said it was depressing that Nigeria blessed with intellectuals, brilliant, gifted minds and masterfully crafted development plans, continues to fall short of implementing those plans, listing the Millennium Development Goals, Vision 2020, and Vision 20-20-20 as some examples.
“The 9th assembly through this committee is willing and ready to work hand in hand with the Ministry of Budget and National Planning and other relevant sectors to improve the current ranking of Nigeria’s GDP as the 31st best economy in the world and 1st in Africa,” Olododo said.
Minister of State for Budget and National Planning, Clement Agba in his presentation, said the plan for Nigeria’s post-oil economy recognises digital economy, bio economy, science, technology and innovation, culture, tourism, creative industry and hospitality.
According to him, the new plan captures diversification of the economy in the oil and non-oil sectors through initiatives encapsulated in relevant policies, programmes and projects.
He identified these programmes and projects as accelerated, sustained, inclusive and private-sector-led growth.
“This implies that in order for growth to impact development meaningfully, it needs to have on greater impact on income, employment, welfare, and poverty reduction”.
Speaker of the House, Femi Gbajabiamila, who declared the public hearing open, lamented that the country at present was at the mercy of fluctuating global prices of oil and gas.
“The world is racing away from the extractive economic model towards a knowledge economy model that prizes technological innovation and the marketplace of ideas over heavy industry and trade in natural resources,” the speaker said.
