Business

November 29, 2018

Minister, Osunkeye emphasise need to build resilience against oil price

Oil

Oil

By Kingsley Adegboye

Minister of Budget and National Planning, Mr. Udoma Udo Udoma, and former Chairman of Nestle Foods Nigeria, Olusegun Osunkeye have called for efforts to make Nigeria less dependent on oil and become a resilient economy.

Oil

Oil

They spoke alongside other stakeholders at the 42nd Annual Conference/Dinner of the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN) held in Lagos.

Leading the pack of speakers at the 2018 Conference/Dinner with the theme “Exploring the Diversification Agenda Towards the Emergence of a Resilient Economy”, Udoma, who was the guest speaker, said Nigeria has the potential to become a major player in the global economy by virtue of its human and natural resource endowments.

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Udoma however, pointed out that this potential has remained relatively untapped over the years, stressing that after a shift from agriculture to crude oil and gas in the late 1960s, Nigeria’s growth has continued to be driven by consumption and high oil prices.

According to him, previous economic policies left the country ill-prepared for the recent collapse of crude oil prices and production, arguing that the structure of the economy remains highly import dependent, consumption driven and undiversified.