NEPC boss says Nigerian economy can thrive without crude oil


According to the Nigerian Export Promotion, if the non-oil industry is given priority, the country’s economy will do better without oil.

Samson Idowu, the NEPC North Central Zonal Coordinator, made this claim in an interview with the News Agency of Nigeria on Sunday in Jos.

Idowu claimed that Nigeria was endowed with an abundance of non-oil resources, ranging from mineral resources to agricultural products.

“Countries that are currently prospering on a global scale are not those that are oil-rich.

In fact, some people believe that oil is more of a curse than a benefit for Nigeria.

“Our sweat from agriculture was used to build Cocoa House, Liberty Stadium, Groundnut Pyramids, and many other assets, including the free education in western Nigeria.

“The oil find at Oloibiri is what got us to this point, when everyone is rushing to Abuja for brown envelopes.

He asserted, “I can declare with confidence that we thrived without oil and that we will thrive and perform even better if there is no oil.”
Idowu expressed confidence that the Nigerian economy would be on the right track with the correct policies, support, intervention, and concentration.

Many people have called for the country to be restructured, but the coordinator said that what is really required is economic restructuring.

He contends that rather than relying heavily on Abuja, each region should concentrate on its comparative and competitive advantages.

Therefore, since the oil is drying up, we shouldn’t postpone taking action until it does.

He advised the government to pay appropriate attention to the non-oil economy now rather than waiting till the oil ran out.



Vincent Paul

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