December 1, 2019

Nigeria’s economy is passing through transition phase — Onu

Security, mathematics, Igbo, Agencies


The Minister of Science and Technology, Dr. Ogbonnaya Onu, said Nigeria’s economy is passing through a transition phase from being commodities-dependent to knowledge and innovation-based.

Security, mathematics, Igbo, Agencies


Onu said this at the 2019 maiden Musical Festival and Award Night organised by the Caleb Group of Schools and University, with the theme: Joyful Tidings.

He said: “We are moving our economy away from commodity-based to make sure that it no longer depends entirely on this but on knowledge and innovation.

“This is a very important transition and will need the very best in the nation to happen.

“This is exactly what Japan did and it became the second-largest economy in the world until they were overtaken by China not too long ago.

“This is also what China is doing because of last year December, China celebrated 40 years of reform and this is what South Korea, Singapore, among others, did.”

According to him, both nations with a large and small population has achieved greatness because they have emphasised knowledge and diversified their economy.

Onu noted that Caleb Group of Schools, among others, had a very important role to play in producing the human resources that would make the innovation possible.

“If Caleb as a faith-based school believes in the power of God and work according to His word as stated in the Bible, you will surely succeed,” the minister added.

He encouraged the students and Nigerian youths not to worry about happenings in Nigeria presently, saying the country would take its place of true greatness soon. (NAN)