Udom Emmanuel: Nigeria must diversify its economy to be less dependent on oil

Udom Emmanuel, governor of Akwa Ibom state, says Nigeria must explore other sources of revenue and be less dependent on oil.

Emmanuel made this known at the opening of a two-day retreat on the Petroleum Industry Act (PIA) 2021 organised by the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) on Wednesday, in Akwa Ibom state.

Emmanuel, who was represented by Moses Ekpo, his deputy, said that the country’s overdependence on oil revenue had become counterproductive.

He said investing in agriculture, small and medium scale enterprises as well as aviation and tourism, would provide lifelines for the country’s economy.

Emmanuel said the search for alternative energy sources was already having adverse effects on oil.

”The world is already thinking towards other sources of power. As a nation, we should begin to explore alternative sources of revenue,” he said. 

”We have to urgently diversify our economy and be less dependent on oil. The industrialised nations are already looking at alternatives.” 

In February, Ben Akabueze, director-general, budget office of the federation, had said Nigeria is deliberately diversifying in 2022, as oil revenue failed to meet its projected target in 2021. 

“What we have seen is that when you look at the 2015 budget, for instance, oil revenue was 58 percent of FGN’s projected revenue. If you look at the 2022 budget oil revenue is 35 percent,” Akabueze had said.