By Emeka Nze
Abuja
A former Head of State, General Yakubu Gowon (retd), has said the nation would soon hit a turbulent time if the non-oil sectors of the economy were not explored effectively.
Gowon, who said all hands should be on deck to diversify the economy, underscored the negative impact of corruption and called for the menace to be made less attractive among public officers, adding that failure to do so would cause inequitable distribution of wealth.
Speaking at the 2016 Annual Directors Conference with the theme; “Diversifying the Nigeria’s Economy:
Paths to Accelerated Growth of Key Resources,” Gowon said the “current global fall in oil price has taught Nigeria a big lesson.”
The former Head of State, who explained that over-dependence on oil was capable of causing “economic disaster,” said other sectors like solid minerals, agriculture, petro-chemical and manufacturing, must be explored in order to diversify the nation’s economy.
Gowon, who expressed displeasure over the fall in the value of the naira, stressed that it was high time the government invested in all sectors that would enhance economic growth, explaining that depending on one major source of income for a country like Nigeria is dangerous.
He said: “All hands must be on deck if we must diversify the economy. In doing this, we must make corruption unattractive to public officers. Otherwise, this will create inequitable distribution of wealth and there will be a problem.
“So, the Institute of Directors shouldn’t wait in offering constructive advice to the government of the day in order to be able to advance the ways of diversifying the nation’s economy and meeting the challenges of the day and the future.”
Gowon recalled that during his administration as Military Head of State, “efforts at diversifying the economy were four times more that now,” but that there was lack of continuity with the initiatives by successive governments.
In a message, Secretary to the Government of the Federation (SGF), who was represented by Ambassador Bamgbose, said the President Muhammadu Buhari-led government would provide the needed enabling environment and regulatory framework for economic growth.
He said government would also take useful pieces of advice from individuals and stakeholders as well as partner corporate bodies to ensure that the economy was diversified.
Also speaking, the President and Chairman of Council, IoD, Mr. Samuel Yemi Akeju, said the conference was apt and timely, adding that the nation’s economy “cannot survive if the
non-oil sectors are not explored maximally.”
He called on the government and all Nigerians to give priority attention to agriculture for it to regain its earlier status as the mainstay of the economy.
In his remarks, the Chief Executive Officer (CEO) of the International Energy Services
Limited, Dr. Diran Fawibe, said it was corruption in the system that had made it difficult for Nigeria to diversify its economy.
“We are now starving ourselves from petrol as if we don’t have the product.
We are also starving other countries where we would have sold the product and boost our foreign exchange earnings. In the last few months, we have seen the vulnerability of our economy due to the fall in oil price. So we should refocus on the economy and save this nation,” he said.
