The Nation Newspaper 'Overreliance on oil cause of economic instability'
Nigeria’s overreliance on oil exports has rendered its growth trajectory susceptible to endogenous and exogenous shocks in global oil prices, leading to economic instability., Prof. Joseph Nnanna, said there was need for strategic initiatives to unlock the vast potential of the economy through economic diversification, human capital development and infrastructural development.
According to him, Nigeria’s growth is relatively weak, and its susceptibility to shocks is increasing due to the macroeconomic policy framework’s flaws and other economic factors. “Economic diversification emerges as a crucial avenue, leveraging the untapped potential of non-oil sectors to promote inclusive sustainable growth. Also, human capital development takes centre stage, acknowledging that education and health are at the core of economic growth. And, lastly, infrastructure development stands as another cornerstone, underscoring the importance of building a modern and efficient infrastructure network.
Nnanna added that infrastructure contribution to economic development, especially in terms of industrialisation, is monumental noting that infrastructural investments are a pivotal catalyst for achieving rapid and sustained economic growth.
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