Intensify on going diversification of Nigeria economy – Don to FG

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By; BAYO AKAMO, Ibadan.
A Principal lecturer at the Department of Banking and Finance, Faculty of Financial Management Studies, Dr. Olanrewaju Isiaka Okunade on Wednesday advised Federal Government to intensify ongoing diversification of Nigeria economy into agriculture, tourism and development of solid minerals sub-sector.
Dr Okunade gave the advice while delivering the 10th Inaugural Lecture of the Polytechnic, Ibadan on the topic ‘Behavioral Dynamics of Nigerian Economy: An Exploitative Evaluation of the Cancerous Development Trends’.
The Don stated that the time has come for Nigeria to look beyond relying on petroleum resources for its economic survival, saying, for the President Muhammadu Buhari’s administration to rescue Nigeria from the current economic mess, all efforts must be put in place to intensify the campaign on diversification of the economy into agriculture, tourism and development of solid minerals.
“The ongoing diversification of the Nigerian economy into agriculture, tourism and development of solid minerals sub-sector should be intensified. In addition to this, governments at all level should as a matter of concern must find possible ways of reducing over invoicing of contract sum, minimize capital flight and develop nationalistic spirit of transforming the country from the current economic recession,”he said.
Dr Okunade blamed the current economic challenges facing Nigeria on over reliance on receipts from crude oil sales, adding that “this has made us vulnerable and reinforced the need for better route to economic prosperity”.
He noted that the banking institution in the country “should be empowered through enactment of relevant legislation, to directly engage investment activities apart from their normal traditional functions of accepting deposits and lending to critical economic sectors”.
The Don however urged the country’s political leaders to govern with patriotic zeal and fear of God, saying, “they should do the right thing at the right time, reduce over invoicing of contract sum, minimize flight and develop nationalistic spirit of transforming the country”.
“The government should continue the promotion of enable environment for productive activities to thrive. Nigerians as citizens should shun corruption, uphold ethical values, wage war against indiscpline, stop vandalization of petroleum pipelines, cannibalization of electrical and other infstrasttuctural facilities and give total support to the ongoing corruption war.
While tasking the nation’s “political leaders” to eschew political differences, patriotically harness our human and material resources, for the development of the nation’s economy,he said
“the imperative for successful economic development in Nigeria requires the will and the resolute commitment of our leaders and the patriotic spirit of the governed”.
“A strong leadership with a clear vision commitment and dedication can however be undermined by the absence of discipline. The place of discipline in all facets of national life is very important for the Nigerian economic transformation. No society can grow or thrive on the back of indiscipline”.

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