Post by Trade facilitator on Dec 16, 2012 22:11:39 GMT 1
For Nigeria to attain meaningful growth expected of oil producing nations, it must diversify to non-oil export sector.
The Director, Centre for International Development, Harvard University Professor, Ricardo Hausmann emphasized this yesterday in Abuja at the 4th Economic Policy and Fiscal Strategy Seminar orgainsed by the Centre for the Study of the Economics of Africa.
Using supportive data on Nigeria oil production , Professor Haussmann, a Venezuelan, said Nigeria’s hydro-carbon would be exhausted in the next 41 years if no discoveries are made going by the current extraction and that the nation stands the risk of a bleak economy in the absence of no clear thought-out diversification to non-oil export.
Situating Nigeria’s growth within the ranks of oil producing nations of
Iran, Angola, Saudi Arabia and Norway, the Harvard scholar conclusively said that “ no future growth for Nigeria without non-oil export strategy. Nigeria would need a massive export strategy, a major diversification in to non-oil sector to match her oil producing nation’s peers in term of real growth”.
He said agriculture sector remains huge but untapped sector that Nigeria could massively harness to record huge mileage in non-oil export, which he said would also generate the country the huge employment opportunity.
According to him, “Nigeria’s development is in the process of diversification and not in the process of specialization. Your job strategy is in agriculture with 37.5 million hectare arable land”.
In another presentation by Dr. Menachem Katz, formerly of the International Monetary Fund (IMF) and currently with CSEA which highlights “the role of fiscal policy in promoting growth “, he faulted lopsidedness of the current fiscal policy framework in which oil and gas revenue constitutes over 75 percent of the total revenue.
The Federal Government, he said, had little oversight on over half of those receipts which are allocated to beneficiaries of the Federation Account.
Earlier in his opening remarks at the occasion, CSEA Executive Director, Dr. Ebere Uneze recalled the last conference which emphasized the urgency of the sustainable growth through inclusive social policy and economic reforms.
Source: www.peoplesdaily-online.com/index.php/business/business/business-news/10150-nigeria-s-economic-growth-s-doomed-without-non-oil-export-diversification-harvard-prof
Read more about Non Oil Export from Nigeria @ nonoilexports.tripod.com
The Director, Centre for International Development, Harvard University Professor, Ricardo Hausmann emphasized this yesterday in Abuja at the 4th Economic Policy and Fiscal Strategy Seminar orgainsed by the Centre for the Study of the Economics of Africa.
Using supportive data on Nigeria oil production , Professor Haussmann, a Venezuelan, said Nigeria’s hydro-carbon would be exhausted in the next 41 years if no discoveries are made going by the current extraction and that the nation stands the risk of a bleak economy in the absence of no clear thought-out diversification to non-oil export.
Situating Nigeria’s growth within the ranks of oil producing nations of
Iran, Angola, Saudi Arabia and Norway, the Harvard scholar conclusively said that “ no future growth for Nigeria without non-oil export strategy. Nigeria would need a massive export strategy, a major diversification in to non-oil sector to match her oil producing nation’s peers in term of real growth”.
He said agriculture sector remains huge but untapped sector that Nigeria could massively harness to record huge mileage in non-oil export, which he said would also generate the country the huge employment opportunity.
According to him, “Nigeria’s development is in the process of diversification and not in the process of specialization. Your job strategy is in agriculture with 37.5 million hectare arable land”.
In another presentation by Dr. Menachem Katz, formerly of the International Monetary Fund (IMF) and currently with CSEA which highlights “the role of fiscal policy in promoting growth “, he faulted lopsidedness of the current fiscal policy framework in which oil and gas revenue constitutes over 75 percent of the total revenue.
The Federal Government, he said, had little oversight on over half of those receipts which are allocated to beneficiaries of the Federation Account.
Earlier in his opening remarks at the occasion, CSEA Executive Director, Dr. Ebere Uneze recalled the last conference which emphasized the urgency of the sustainable growth through inclusive social policy and economic reforms.
Source: www.peoplesdaily-online.com/index.php/business/business/business-news/10150-nigeria-s-economic-growth-s-doomed-without-non-oil-export-diversification-harvard-prof
Read more about Non Oil Export from Nigeria @ nonoilexports.tripod.com
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