Is the Oil Sector really overworked in Nigeria?

Is the Oil Sector really overworked in Nigeria?

Almost unarguably, questions of what newest strategies are being put in place by the Federal Government in tackling the internal economic down-time being faced in the nation keep agitating the mind of every citizen. Strategies such as dwelling on other means of setting the records straight economically other than the over-generalized dependence on Petroleum and its other products need to be looked into by the F.G.
The Nigerian economy is largely a petroleum-based economy. Hardly will anything happen to the oil industry without leaving a huge effect on the overall economy of the nation. Recently, the change of power in the political stage, exchange-rate volatility, falling global oil prices that impact public-sector spending, corruption and poor macroeconomic management is undoubtedly revealing how unhealthy it is for a nation of this massive status in Africa to solely rely on petroleum alone. If the economy has been judiciously diversified, maybe the story would have been more interesting to give attention to.
The resultant effect of the over-dependence on one particular sector as a nation is that about 18 states government is at the moment, in “debt mess” owing staff salaries. This speaks of just one thing: “The economy is facing a very turbulent time in recent history”. It might also interest you to know that The Federal Accounts Allocation Committee’s allocation to the states has declined sharply. This is actually a big challenge that needs to be addressed as quickly as possible.
I can go on cataloging the challenges been faced by the nation due to the somewhat biased focus of attention on one side of the economy but time would not permit me. Very briefly,
There is an urgent need for the F.G to explore fully the other sectors of the economy such as:
Agriculture
Solid Materials
Manufacturing
Telecommunication and Post
Finance and business services
Wholesale & retail trade
Hotel and restaurants
Construction

It is not as if the aforementioned sectors are not being utilized for ameliorating the economic challenge at the moment; but, they need to be maximized with a view to relieving the pressure on the oil sector of the economy. By so doing, a bulk of the economic stress posed by a seemingly over-worked oil sector will be reduced.

Author

Jerry Adeyeri

Jerry Adeyeri

Adeyeri O. Jerry is into Public relations, Photography and Event hosting. Trained as an Animal Scientist from the University, yet, his natural flair for communication-oriented activities, arts, music, Public speaking and writing has stood him out among his peers. He is a Peak performance trainer par excellence with a unique way of imparting knowledge via interesting creativity. He also believes in the power of communication to promote brands and create lasting impression in the minds of his target audience. With many years of experience as a Communications personnel, he has embellished various brands with his productive and time-tested public relations skills. He holds a Bachelors Degree from the Federal University of Agriculture, Abeokuta, Ogun state, Nigeria.

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