Nigeria steers towards diversification of its economy

6/4/2018 9:47:52 AM

Nigeria’s economy has been focused on oil for decades but is opening up to diversification. As a result of a new government policy, it is not just oil that gets the economy going, but also agriculture and minerals, like iron, gold and coal. reports that Nigeria’s economic recovery plan identifies six priority sectors: agriculture, manufacturing, and solid minerals, including iron, gold and coal.

At the recently held New Nigerian Economy panel, Tonye Cole (CEO of the Nigeria’s Sahara Group), listed three major elements for successful diversification: “Free the potential, free the diaspora, and allow the free flow of ideas.” In Nigeria’s Bayelsa state, first steps have been taken towards diversification of the economy, specifically towards agricultural activity. The state has trained local Nigerians in aquaculture, created an eco-industrial park, set up an investment agency, and facilitated the acquisition of land titles.

To become less dependent on oil revenues, the Nigeria government has also launched an industrialisation process in the country in which it encourages the involvement of the private sector, in order to reduce the oil sector share of GDP.

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