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Nigeria’s economy diversified, but non-oil sectors unproductive – Peter Obi



Peter Obi

The Labour Party presidential candidate, Peter Obi, has disagreed with persons that believe the Nigerian economy was not diversified.

Obi, who spoke at a presidential town hall meeting organized by Arise TV, explained that the Nigerian economy was diversified with agriculture, Information and Communication Technology, and the oil sector contributing to the country’s gross domestic product (GDP).

He, however, lamented that the non-oil sectors are not productive with the country unable to earn revenue abroad.

The LP candidate said: “Let me put it on record, the Nigerian economy is well diversified. Oil, as a measure, contributes less than 10% of our GDP.

“But the problem is that it contributes about 50% of government revenue, and about 80% of our foreign exchange earning. Our biggest contributor to our GDP today is agriculture.

“If you look at our about N180 trillion economy, agriculture contributes about 41 trillion, which is about 20 percent of that economy. So it is very diversified.

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“Our trading is contributing by 15%, and ICT is contributing. So what you need to do, the reason why we are not getting enough or not working is that as diversified as they are, they are not productive.

“You need to increase the level of production, that is the problem. That’s what I was talking about agriculture. You can’t have almost 60% of arable land uncultivated.

“If you are able to invest in the other areas, your manufacturing today is about 9%, this should be about 15%. If you are able to invest in the land, invest in this and able to contribute to export goods.

“Just imagine if you are able to feed yourself. We are 220 million, imagine if we can take N1000, and you can feed yourself. You can move your average of N1000 a day, by one year, you would triple at least, get your contribution in agriculture to about N80 trillion, and that will change that.

“So it is a question of how do you ramp up your production. That’s why labour is saying we want to move the country from consumption to production.”

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