The Central Bank of Nigeria (CBN), on June 15, abandoned a 16 month currency peg of N199/$ which had eroded FX liquidity and brought manufacturing to its knees.
Browsing: economic diversification
“In Nigeria, we are learning. We are learning the hard way through hardship, and we are learning very quickly on how to explore other sectors of the economy like gas, solid minerals and agriculture for growth.
He explained that the oil price crisis resulted from drastic, adverse structural shift in the global market demand and supply of oil and gas.
He added that the country was in for the worst times for failing to save or diversify its economy, which has been greatly affected by the crash of oil prices in recent months.
According to the letter of invitation signed by the APPG Chair, Kate Osamor, the meeting would afford Fayemi the opportunity to discuss investment opportunities in the Nigerian minerals sector with the parliamentarians, policy makers and business executives.
A statement issued in Abuja by Mallam Garba Shehu, said the President noted that the diversification of the Nigerian economy was long overdue as continued reliance on crude oil exports had always made the economy vulnerable to shocks.
Receiving the report of a 16-man committee on the road map which he inaugurated a month ago, Fayemi said that the map would enable the nation to embark on sustainable development journey for the mining and metal sector.
“You can sit down in the comfort of your office and submit an application online, from any part of the world and within 30 or 40 days you will be notified whether you are granted or not, and we are in discussions with our consultants, and is in our 2016 budget.”
According to Saraki, only a strategic and sustainable diversification policy can present a buffer to the headwinds of globalization and rampant economic failures.
Oscarline Onwuemenyi 16 March 2016, Sweetcrude, Abuja – Even as the Federal government makes efforts to diversify its economy from…