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Only diversification will save Nigeria's economy - Expert

August 24, 2015 3:31 PM

"Obviously, the continued decline in the oil revenue will make the current government to diversify the economy and make it buoyant," Yusuf said.

Only diversification will save Nigeria's economy - Expert

An economist, Mr Tosin Yusuf, on Monday said diversification was the only way to get out of the current economic problem in Nigeria.

Yusuf told the News Agency of Nigeria (NAN) in Osogbo that the economic situation of the country required diversification of the monoculture oil economy.

He explained that the fall in the world price of oil made it "compulsory for countries like Nigeria to look elsewhere for revenue generarion".

According to him, there are viable sectors that are lying untapped which have potency to turn around the Nigerian economy for good.

"This current government under President Muhammadu Buhari must intensify efforts to create an alternative means of revenue generation.

"The decades of over-reliance on oil have impoverished the greater number of Nigerians and hindered progress in all ramifications.

"Sectors like agriculture and mining are capable of making up the deficiency in the oil resources.

He, however, advised the Nigerian Custom Service (NCS) to block every loophole in the nation's borders and generate more revenues for the country.