Former President Olusegun Obasanjo has said that Nigeria needs to shift from a mono-economy that is solely dependent on crude oil so as to overcome the forex crisis that has been affecting the nation’s economy.
Obasanjo said this on Sunday, noting that the recent volatility in the oil market and the growing global push towards alternative energy are signals that the country needs to diversify its economic base urgently.
He said, “Historically, Nigeria has been known for its near total dependence on earnings from petroleum export, and her economy has suffered devastation arising from various oil shocks without any buffer to cushion against major declines.”
The former president said the diversification is achievable at the shortest possible time if robust economic policies with appropriate implementation mechanisms are put in place.
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