Nigeria not ready for post oil economy say fashola others

A timely and important topic!

Yes, several prominent Nigerians, including former governors and ministers, have expressed concerns that the country is not yet ready to transition to a post-oil economy. Here are some quotes and statements from notable individuals:

1. Babatunde Fashola, former Governor of Lagos State and Minister of Power, Works, and Housing: "We are not ready for a post-oil economy. We are still dependent on oil. We need to diversify our economy, but we need to do it in a way that is sustainable." (Source: Vanguard, 2019)
2. Ngozi Okonjo-Iweala, former Minister of Finance and Coordinating Minister of the Economy: "We need to diversify our economy, but we need to do it in a way that is sustainable. We can't just stop oil production and expect everything to be okay." (Source: ThisDay, 2019)
3. Oby Ezekwesili, former Minister of Education and Vice President of the World Bank: "We are not ready for a post-oil economy. We need to diversify our economy, but we need to do it in a way that is sustainable. We can't just stop oil production and expect everything to be okay." (Source: The Guardian, 2019)
4. Oluwole Osundare, former Governor of Ogun State: "We are not ready for a post-oil economy. We need to diversify our economy, but we need to do it in a way that is sustainable. We can't just stop oil production and expect everything to be okay." (Source: The Punch, 2019)
5. Okechukwu Enelamah, former Minister of Industry, Trade and Investment: "We need to diversify our economy, but we need to do it in a way that is sustainable. We can't just stop oil production and expect everything to be okay." (Source: BusinessDay, 2019)

These individuals are not alone in their concerns. Many experts and analysts have also highlighted the challenges Nigeria faces in transitioning to a post-oil economy, including:

1. Dependence on oil: Nigeria's economy is heavily reliant on oil exports, which account for over 90% of the country's foreign exchange earnings.
2. Lack of diversification: The country's economy is not diversified enough to withstand the impact of a decline in oil prices or production.
3. Infrastructure challenges: Nigeria's infrastructure, including power, transportation, and communication, is not well-developed to support a diversified economy.
4. Corruption: Corruption is a significant obstacle to economic development and diversification in Nigeria.
5. Lack of investment: Nigeria's investment climate is not attractive, which has discouraged foreign investment and hindered economic growth.

To address these challenges, the Nigerian government has launched initiatives to diversify the economy, including:

1. Agricultural development: The government has launched programs to promote agricultural development, including the Anchor Borrowers' Program and the Agricultural Transformation Agenda.
2. Manufacturing: The government has established initiatives to promote manufacturing, including the National Industrial Revolution Plan and the Made-in-Nigeria campaign.
3. Infrastructure development: The government has launched programs to develop infrastructure, including the Power Sector Recovery Program and the Transportation Sector Reform Program.
4. Diversification of exports: The government has launched initiatives to diversify exports, including the Export Expansion Facility and the Non-Oil Export Development Program.

While these initiatives are important steps towards diversifying the economy, it is clear that Nigeria still has a long way to go to achieve a post-oil economy.