Following the slump in the global price of oil, Ogun State Governor, Senator Ibikunle Amosun, on Saturday advocated diversification of the country’s economy with special focus on agriculture.
He said this while addressing supporters of All Progressives Congress during the continuation of his re-election campaign tour to Maun in Ipokia Local Government Area of the state
He explained that Nigeria must shift its focus from oil as the mainstay of the economy as current reality had shown that price of crude oil could no longer be predicted.
He said, “Oil has continued to fall at the international market. That is bad news for Nigeria because as we all know, oil is our mainstay. We are compelled now to shift focus from oil to agriculture where we have comparative advantage.”
Amosun said before the discovery of crude oil, Nigeria survived mainly on agriculture, stressing that we must go back to that era to rebuild our economy.
He added, “Before oil came, Nigeria survived mainly on agriculture. All the economic wonders performed in Nigeria before independence were products of agriculture. We must go back to it.”
He further stated that the continuous fall in the price of oil would have a negative impact on revenue which accrued to the states.
He said, “It is high time, states, particularly Ogun turned its searchlight on agriculture, tourism and commerce potential of the state so as to improve on the revenue base of the state.
“With continuous fall in oil price, many states are in trouble and this is the more reason we must diversify to agriculture because revenues of states are already affected by the dwindling fortunes of oil.”