In the wake of Progressing in the APGA Leadership, the National Chairman, Barr. Sly Ezeokenwa has advocated the need for diversification in the national development of the country- Written by Nduka Anyanwu, SA-Media to The National Chairman APGA, Barrister Sly Ezeokenwa
Barr. Sly Ezeokenwa, the APGA National Chairman, has re-emphasized the need for Nigeria to diversify its economy and explore other economic activities beyond oil exports. This call to action is timely, as Nigeria’s economy has been heavily reliant on oil exports for decades, making it vulnerable to fluctuations in global oil prices.
The lack of economic diversification has hindered Nigeria’s economic growth, limited job opportunities, and exacerbated poverty. According to the World Bank, Nigeria’s economic growth is very low and insignificant which is insufficient to create enough jobs for the country’s growing population.
To promote economic diversification, the government needs to create an enabling
environment for businesses to thrive. This can be achieved by implementing policies that promote trade, investment, and innovation. Investing in infrastructure development, such as roads, ports, and energy, is also crucial to facilitate the growth of non-oil sectors.
Furthermore, the government needs to provide support for small and medium-sized enterprises (SMEs), which are critical for job creation and economic growth. By promoting non-oil sectors, creating an enabling environment for businesses, investing in infrastructure development, and supporting SMEs, Nigeria can reduce its dependence on oil exports, create new opportunities for economic growth, and promote sustainable development.
As emphasized by the World Bank, “spatial integration and sub-national specialization are key for creating a nationally-integrated market for goods and services as well as attracting much-needed private investment”. It’s high time for Nigeria to take pragmatic steps towards economic diversification to ensure sustainable development and a brighter future for its citizens.
The National Chairman’s call for diversification in national development is a strategic move to stabilize and grow Nigeria’s economy. By advocating for
diversification, the Chairman recognizes the need to reduce the country’s reliance on a single sector, such as oil, and instead promote growth in other areas like agriculture, manufacturing, and services.
A diversified economy would not only make Nigeria more resilient to external shocks but also provide opportunities for innovation, entrepreneurship, and job creation. This, in turn, would help alleviate poverty and promote sustainable
development.
Nigeria’s National Development Plan (NDP) 2021-2025 already emphasizes the importance of diversification, aiming to establish a strong foundation for a diversified economy with robust MSME growth and a more resilient business environment. The plan also seeks to improve inclusive and holistic
development, enhance competitiveness, and lift at least 25 million Nigerians out of poverty.
To achieve these goals, the government and private sector must work together to create an enabling environment for businesses to thrive. This includes
investing in critical physical infrastructure, promoting trade and investment, and supporting small and medium-sized enterprises (SMEs).
By prioritizing diversification and implementing policies to support it, Nigeria can unlock its full potential, achieve sustainable development, and ensure a brighter future for its citizens.
Written for and on-behalf of Barrister Sly Ezeokenwa APGA, National Chairman
