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Nigeria: Fast approaching recession, we should diversify the economy (opinion)

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Ever since the discovery of oil in Nigeria, it has become the mainstay and largest source of income. The country depends on the revenues received when we sell crude oil to other countries and as a result of this, many other money making opportunities have been neglected.

Gone are the days where we are very proud of being the highest exported of palmoil, not to talk of other cash crops like cocoa, groundnut and cotton. Our farmers did us good during those times, and we had almost everything in abundance, thereby earning us the name "Giant of Africa".

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I remember my grandpa boasting of the cocoa plantation he owned then. Nigerian we're proud owners of pyramids, palmoil farm among others. All these vanished when crude oil was first discovered in Nigeria in commercial quantities.

Now crude oil slowly loses its value in the world market, our oil is illegally refined, admist vandalization of pipelines which causes oil spills in farmlands and rivers, thereby ending many aquatic life and making farmlands barren, talkless of the million barrels of petroleum we would have sold if not for the lockdown.

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Now that the country is depressed, there is need for the economy to be diversified, which will return the country to it's past glory. First and foremost, these will increase food production in our country, thereby reducing the price of foodstuff and many hungry Nigerians will be able to feed well

Apart from this, the unemployment rate which is high in the country will be reduced drastically, as people who see white collar jobs as their only source of hope will return to the farms and earn enough to feed themselves and their family. If the government can pay serious attention to agriculture, many unemployed youths will consider farming a worthwhile career.

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With adequate incentives from government,many Nigerians will be employed In the agricultural sector, and farming will be made attractive. Furthermore, enough foreign exchange will be achieved through exportation of excess food to other countries of the world. Nigeria with her vast expanse of land can become the food basket of West African sub region and Major exporter of food produce in the world, if the economy is indeed diversified to agricultural production

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Finally oil will also be a source of income but will be less important as agriculture, since we can't drink oil. Agriculture should be given a priority, this will lead to reduction in cases of kidnappers, thiefs, scammers and other criminal activities, as people will be gainfully employed.

This will erase the bad image our country has earned.

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Source: opera.com
The views expressed in this article are the writer's, they do not reflect the views of Opera News. Read more>>

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