Growing Nigeria’s economy through accelerated diversification | The Guardian Nigeria News - Nigeria and World News

As the Federal Government continues undertake initiatives to overcome economic challenges occasioned by varied local and global factors, stakeholders say the authorities should accelerate economic diversification initiatives. At a recent forum in Abuja, some stakeholders called for a synergy between monetary and fiscal authorities to diversify the economy and create multiple revenue sources.

At the recently held 33rd finance correspondents and editors seminar, Emefiele was quoted as saying that the diversified economy will be built around agriculture, Micro, Small and Medium and Enterprises industrial and manufacturing concerns. He said that economic challenges brought about by the advent of Covid-19 pandemic and the Russian-Ukrainian conflict had also made the idea of economic diversification imperative.

The media recently quoted the Director-Genera of Micro, Small and Medium Enterprises Development Agency , Mr Olawale Fasanya as saying that MSMEs contribute 43.31 per cent of the nation’s Gross Domestic Product . According to Nnaji, the status of Nigeria as a mono-product economy had been detrimental to economic growth.

“To insulate the Nigerian economy from the shocks and foreign exchange shortages, there is need to develop new strategies aimed at earning more stable and sustainable inflows of FX through diversification of the non-oil export sector, ” she said.She said that the need for more sources of export to reduce importation of goods and services that can be produced locally makes diversification imperative.

Ife said in spite of huge intervention in the agricultural sector in recent times, output appeared to be inadequate.

Source: Financial Digest (financialdigest.net)

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