30 November 2016, Abuja – The Minister of State for Petroleum Resources, Mr. Ibe kachikwu, says the growth of the economy solely depends on mobilising and applying human, natural and financial resources.
Kachikwu said this in a presentation at the ongoing 9th Annual Forum of Laureates of the Nigerian National order of merit in Abuja on Wednesday.
He said that Nigeria’s challenge was as a result of not diversifying its natural resources base for a useful result.
Kachikwu said that the country’s economy would attain a great height of development if the economy was diversified and the mono product economy practice was jettisoned.
He said that that structures and processes should be made for the implementation of national economic survival in the quest to diversify the revenue base of the nation.
He said, “Oil has been the world’s major commercial energy source for decades and the consensus is that it will maintain this leading role in the foreseeable future.
“Oil and gas contributes over 90 per cent of our foreign exchange earnings and over 80 per cent of government revenue.
“However, energy as a commodity traded contributes only about 8.26 per cent to the GDP as at the second quarter of 2016.
“What this means is that Nigeria’s quest for economic development is at a faster pace than the current GDP growth rate.
“But natural resources as a means of developing the domestic economy still hold greater promise.