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By Theresa Igata
Nigeria’s non-oil sector is said to be contributing a lot to the nation’s GDP, and in recent times, non-oil export has begun to receive attention as a way of reviving the nation’s economy. But this, according to some economic experts is only achievable if adequate attention is placed on infrastructure development.
This was the consensus at the 2017 symposium organised by the export group of the Lagos chamber of commerce and Industry, with the theme: Non-oil Export: the way out of recession.
Speaking at the event, Ayo Teriba an economist and the keynote speaker said that the economy of the country could not withstand the low oil price which was what led to the recession.
According to him, Nigeria’s problem is not just with lower oil price but a problem that is diversified to include all commodities, import and export inclusive. “We must solve Nigeria’s recession problem because despite the huge export products we still import virtually everything. We need to think investment-FDI because this has never very low”.
“The failure of having adequate infrastructure is the reason Nigeria cannot diversify her economy and this is the way we must go to revise the non-oil sector- infrastructure first and the way to do this is through FDI”.
He added that the telecoms sector is an example of a non-oil sector that has worked because the right infrastructures have been put in place.
Speaking earlier in his welcome address, the chairman export sectors group of the LCCI called for an understanding of the government with regard to the non-oil sector of the economy and the need for export business in the export sector.
He however added that exportation has since gone beyond the means of making money but a means of reviving the nation’s ailing economy even as, “the government should do well to solve some of the problems facing exporter sin the country and at LCCI we are here to fulfill that advocacy requirement”.
For the president of the Chamber, Nike Akande, the country has always had problems in the energy sector, leading to lower electricity generation which in itself has affected the economy negatively, especially with regard to attracting FDI and the growth of SMEs, but she commended the government for the reintroduction of the Export Extension Grant.
