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Oil has made Nigeria lazy, unproductive —Moghalu



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An economist and former presidential aspirant, Kingsley Moghalu, on Friday, condemned Nigeria’s over-reliance on oil as the major source of income.

Nigeria has been lately enmeshed in economic crisis resulting from its inability to diversify its economy and compete with other developing countries of the world.

This ugly development has afflicted other sectors of the country, especially the education system, as public universities have been shut down for months as a result of strike.

The country, given recent reports from the Ministry of Finance, has also been trapped in humongous debts affecting the survival of Nigerians.

Read also: Non independence of institutions crippling Nigeria —Moghalu

Speaking on this development via his verified Twitter handle, Moghalu, a former deputy governor at the Central Bank of Nigeria, blamed the situation on the country’s one-resource economy.

He also lamented the unprecedented theft in the sector, adding that Nigeria needed smart and new solutions to the crisis.

He said: “300,000 barrels of crude oil a day, valued at about $1 billion a day is being stolen in Nigeria according to oil workers. We are borrowing more to service debt, airlines are grinding to a halt from forex problems. And a N2 trillion investment will sort out our tertiary education. Which includes ending the ASUU strike.

“Do the math. Nigeria! This is part of why virtually all natural resource based economies in Africa have failed. Oil doomed Nigeria by making us lazy and unproductive. But new economic thinking can change this.”

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