Dr Kayode Fayemi, the Minister of Solid Minerals Development, says Nigeria must diversify its economy to save the nation from the agony of oil price fall at the international market.
Fayemi made the declaration as the Guest Lecturer at the 3rd Chief John Odeyemi Annual Lecture, which was held at the Obafemi Awolowo University, Ile-Ife.
The News Agency of Nigeria (NAN) reports that the lecture was titled: “Harnessing our natural and cultural heritage for national development”.
Fayemi said that Nigeria was blessed with natural and cultural endowment than could put it in the limelight economically.
He said that policymakers and observers had warned that Nigeria’s continued dependence on oil as the mainstay of the economy was bound to disrupt long term economic growth and development.
“By the early 80s, Nigeria was gravely indebted having borrowed against future oil revenue as lured the government effectively to bankruptcy.”
Fayemi urged both the government and private organisation to invest in the solid minerals sector with a view to plan for long term human development rather than instant gratification.
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