By Jonah  NWOKPOKU

Chief Executive Officerof Ed Theo Energy Limited, Fola Aguda has said Nigeria should urgently begin to explore non-oil options available for it, in order to remedy the current economic challenges occasioned by fall in crude oil prices.Aguda made this statement while addressing newsmen ahead of the Full Gospel Business Men’s Fellowship International, FGBMFI annual seminar scheduled for Friday June, 10th  and 11th in Lagos.

According to him, “Nigeria’s failure to diversify its economy from over dependence on easy money from the oil sector has exposed the national economy to extreme vulnerabilities in the face of declining oil prices. The neglect of development of other critical sectors of the economy has turned the oil boom to an oil doom.

“Economic diversification is a structured process of growing a range of and a number of outputs; either by way of diversifying products and/or practices within an economy, diversifying income sources beyond domestic economic activities, or diversifying local markets for exports. Diversification improves microeconomic performance, faster economic growth. The plummeting global oil prices and serious revenue decline has exposed our folly as a nation and accentuated the urgent need to examine the non oil options within the Nigerian economy.”

The seminar which will take place in two stages will at separate sessions will address ‘the non-essentials for modern enterprises’ which is targeted at building capacities for SMEs and the ‘the non-oil options in the Nigerian economy’ which is targeted at big and established corporations.”