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Nigeria- A country of over 200 Milllion people cannot depends on oil exportation alone. What H.E Peter Obi was expressly telling Nigerians during his presidential campaign manifesto could be the only way out from the daily crashing of the naira and from a failing economy. It takes a while to reform and it takes a life time to enjoy benefits of reformation.
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Efemona Muhammad Okeh
Engr. Efemona Muhammad OKEH delta state based; brand/product influencer. I conduct training programmes that build expertise in overseeing the development of a product from idea generation to market launch and growth, ensuring it meets customer needs and business growth.
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True. Nigeria’s economy needs to diversify beyond oil dependence. Some options include:
Manufacturing
A rapid expansion of Nigeria’s manufacturing sector can create jobs, increase income, and ensure economic growth. Investments in transportation infrastructure and electricity can help pivot exports away from oil.
Energy
A diversified energy sector with a focus on renewables can reduce economic and health risks. Nigeria has an estimated potential of 427,000MW of solar power.
Other sectors
Other options include agriculture, tourism, and technology and innovations.
Other strategies include:
Reorienting governments towards pro-productivity and pro-poor policies
Overhauling the civil service and security sector