Nigeria needs to reform fiscal operation before weaning from crude oil – Adedipe

By  Amaka Ifeakandu

Chief Executive Officer, B. Adedipe Associates Limited, Dr ‘Biodun Adedipe has listed reformation of fiscal operations, focus on industrialization as a major option to weaning Nigeria from crude oil dependency and Vulnerability.

Adedibe who made this statement over the weekend in his presentation tagged “Policy Option for Economic Diversification Thinking Outside the Crude Oil-Box said professionalization of both civil service and public service, reform and rationalize governance will contribute to the development of the nation economy without depending on oil production.

He said other options the country needs to consider while diversifying the economy include shifting focus to industrial operation, adopting PPP for infrastructure delivery, reform and rationalize education and medicare.

Analysing the nation’s economic growth trend between 2013 to 2022, he said dampened macroeconomy correlated with oil earnings collapse.

He stated that Nigeria economy dampened by -1.92 per cent in 2020, recovered to 3.4 per cent in 2021 and grew by 3.11 per cent in the first quarter of 2022.

He explained that although oil account for 88 per cent of foreign trade in the country but it is only 7.24 per cent of Gross Domestic Products (GDP) in 2021, dropping to 79.2 per cent and 6.63 per cent respectively.

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