The government must diversify the economy if Nigeria is to survive falling global oil prices, World Bank Vice President and Treasurer, Arunma Otteh, said on Monday.
She said Nigeria ranks 152 out of 188 in the Human Development Index, and ranks below the average for sub-saharan Africa.
Otteh spoke in Lagos while delivering the inaugural Philip Asiodu Lecture Series, with the theme: “The proper role of oil in the context of accelerating growth and development in Nigeria.”
It was organised in honour of a former diplomat and Minister of Petroleum Resources, Phillip Asiodu.
Life expectancy in Nigeria, Otteh said, is 53 years, eight years lower than in Ghana and 21 years lower than in Brazil.
On corruption, Otteh referred to the Transparency International’s 2015 report which placed Nigeria on 136 out of 168 most corrupt countries.
This, she said, affects the flow of foreign direct investment (FDI) to the country.
“Nigeria rapid GDP growth over the past decade has not translated into strong human development and competitiveness compared to the rest of the world even when compared to many of its Sub-Saharan African peers,” she said.
Otteh said Nigeria can no longer depend only on earning from oil, which now sells for as low as $26 per barrel, and which accounts for 95 per cent of the country’s foreign exchange.
“Given the level of price uncertainty and Nigeria’s dependence on oil, it is all the more important to diversify away from oil,” she said. Click to signup for FREE news updates, latest information and hottest gists everyday
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What advise did u offer when gej ur friend was in power and what was ur good work in sec i believe efcc should be asking u questions of ur tenure in sec
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ReplyDeleteOn corruption, Otteh referred to the Transparency International’s 2015 report which placed Nigeria on 136 out of 168 most corrupt countries.
This, she said, affects the flow of foreign direct investment (FDI) to the country.
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This is the basic and salient fact that most inherently impatient Nigerians are missing.
Only The Sincere Strife For Honesty and Righteousness can bring back the Foreign Investors and also give them the Confidence they need to do business with Nigerians.
Every Nigerian must be trust worthy just as PMB has the reputation of being trustworthy before the Global Community.
Reason being that, Foreign Investors will majorly deal with Nigerians and not necessarily PMB directly. This means, it's the average Nigerian's behavior that will convince the Foreign Investors whether or not we indeed believe in the strife for Honesty and Integrity.
Imagine someone's observation that it appears it's only PMB that is fighting corruption in our Nation. I considered it a shame to every Nigerian. In other words, even if PMB is trustworthy Foreign Investors may never come just because they are not yet convince that the average Nigerian has not yet boarded the Train of wrestling Nigeria from the pangs of corruption which busy fueling our mindset of poverty.
Oh yes indeed, I said wrestling because corruption is an evil bondage which can never let go of the victim easily since the kingdom of God suffereth violence and the violent must take it by force).
Come to think of it, this is the first time in several years when the International Community (at least those that matter) have been commending the Leadership of our dear Nation Nigeria.
It is now the duty of every Nigerian to prove to these International Investors that indeed we also strife for honesty and integrity just like our dear leader PMB.
MAY GOD COMPLETE HIS WORK OF DELIVERANCE ON NIGERIA AND INDEED TAKE NIGERIA BACK TO ITS STATE MARVELOUS GLORY IN JESUS NAME, AMEN.
Amen. But talking about diversifying the economy, the banks only pay lip service to funding SME's. No bank in Nigeria funds the small businesses, our banks are so good at taking hiding charges on customers account, this also can be classified as corruption
DeleteU all sat in the comfort of your offices and homes shouting diversification. Non of u ever suggest how to go about the diverdification.Is it all about theory, what about the practicability. Too much of books na wahala to black race.
ReplyDeleteTHE SUGGESTIONS MADE BY MS OTTEH, TO ME, ARE VERY TIMELY AND REASONABLE AT THIS POINT IN TIME. MY QUESTION TO HER IS THAT WHILE SHE WAS OCCUPYING SUCH A SENSITIVE POSITION OF THE DIRECTOR GENERAL OF SEC, IT WOULD HAVE BEEN COMMENDABLE IF SUCH SUGGESTIONS WERE BROUGHT BEFORE FORMER PRESIDENT JONATHAN! SHE WAS IN GOVERNMENT WHEN THE LOOTERS VIRTUALLY DESTROYED THE ECONOMY! HAVING SAID THAT, LET THE PRESENT ADMINISTRATION SERIOUSLY ANALYSE HER RECOMMENDATION, EXHUMED THAT PART WHICH IS LAUDABLE FOR THE COUNTRY. NO DOUBT, THE COUNTRY NEEDS EXPERT OPINION FROM ACCREDITED INDIVIDUALS SUCH AS MS. OTTEH.
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