Nigeria not ready for post oil economy say fashola others #comments

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Fashola's Concerns

Former Minister of Power, Works, and Housing, Babatunde Fashola, has expressed concerns that Nigeria is not ready for a post-oil economy. He believes that the country's economy is still heavily reliant on oil and that there is a need for a more diversified economy.

Lack of Diversification

Fashola pointed out that Nigeria's economy is still dominated by the oil sector, which accounts for over 90% of the country's foreign exchange earnings. He argued that this makes the country vulnerable to fluctuations in the global oil market and that there is a need for a more diversified economy.

Need for Structural Reforms

Fashola also emphasized the need for structural reforms to address the country's economic challenges. He believes that the country needs to focus on developing its non-oil sectors, such as agriculture, manufacturing, and services, to reduce its dependence on oil.

Other Experts' Views

Other experts have also expressed similar concerns about Nigeria's preparedness for a post-oil economy. For example, the Director-General of the Lagos Chamber of Commerce and Industry, Muda Yusuf, has warned that Nigeria's economy is not ready for a post-oil era and that there is a need for urgent action to diversify the economy.

Challenges Ahead

The challenges ahead for Nigeria's economy are significant. The country faces a number of challenges, including a large and growing population, a lack of infrastructure, and a high level of corruption. These challenges will need to be addressed if Nigeria is to successfully transition to a post-oil economy.

Conclusion

In conclusion, Nigeria's lack of preparedness for a post-oil economy is a major concern for many experts. The country's economy is still heavily reliant on oil and there is a need for structural reforms to address this. The challenges ahead are significant, but with the right policies and actions, Nigeria can successfully transition to a post-oil economy.

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