By Obalakun Ayomide
Photo credit: Premium times.
The vice president of the world Bank, Arunma oteh has advised on the importance of diversification as a saving tool for the crashing Nigerian Economy.
She at the inaugural Philip Asiodu Lecture Series advised that non oil sector must be developed to reduce the effect of the economy recession.
She expressed her displeasure over the fact that the country is ranked 152 of 188 in the Human Development index decrying that this rating is below average for the Sub-Saharan Africa and that apart from this, the life expectancy rate in Nigeria is 53 years compared to 61 years in Ghana and 74 in Brazil.
She also added that the 2015 report of transparency International which rated the country 136 of 168 corrupt countries had adversely affected flow of foreign direct investment into the country.
She then stressed on the fact that the country can no longer depend on oil which accounts for 95% of its foreign exchange given the level of price uncertainty and so it’s important to diversify into other products.
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