By Chidi Nkwopara

OWERRI — Manufa- cturers Association of Nigeria, MAN, has called for the diversification of the Nigerian economy, warning that a country largely dependent on a single source of revenue runs the risk of operating an economy that is dictated by external market forces.

President of MAN, Dr. Frank Jacobs, stated this in a 15-page lecture titled “preparing Nigerian youths for the challenging employment world”, which he delivered in Owerri, at the 2014 public lecture of the University of Jos Alumni Association, UJAA, Imo State Chapter.

Quoting the Nigerian Bureau of Statistics, NBS, the MAN President said: “The nation’s economy still depends heavily on the oil and gas sector, which contributes 82.9 percent of export revenues, 70 percent of government revenues and 11.2 percent of the Gross Domestic Product, GDP, in 2013.”

According to Dr. Jacobs, despite the country’s oil wealth and the relative improvement in the Gross Domestic Product, GDP growth, the United Nations Human Development Index, UNHDI, revealed that poverty was widespread, with over 67.9 percent of the population living on less than $2 a day in 2013.

He argued that years of deficient planning and adverse policies led to the misdirection and under utilization of the nation’s huge resource endowment, saying “These resources have not been effectively utilized to yield maximum economic benefits. This is one of the primary causes of unemployment and poverty in Nigeria.”

Addressing the participants, South East UJAA Zonal Coordinator, Sir Ned M. C. Ulelu, expressed worry at the level of preparedness of the Independent National Electoral Commission, INEC, for the forthcoming general polls.

“Ensuring that all Nigerians, who are eligible to vote get their permanent voters cards, is key to achieving free, fair and credible elections”, Ulelu said.