President Muhammadu Buhari\u2019s government has committed more resources to the diversification of the economy; with a focus on the development of agriculture, solid minerals, science and technology, manufacturing and ICT sectors, than any previous administration.<\/p>\n
According to the Buhari Media Organisation (BMO), Pro. Pat Utomi\u2019s opinion that the present administration has done very little to diversify Nigeria\u2019s economy is not a true reflection of the realities on ground.<\/p>\n
BMO made this observation in a statement signed by its Chairman Niyi Akinsiju and Secretary Cassidy Madueke, adding that President Buhari had said his administration would enact new policies to diversify the country\u2019s economy from oil to other sectors such as agriculture, mining and manufacturing.<\/p>\n
\u201cHe is fulfilling this promise by embarking on unprecedented economic policies that help diversify our economy, and create jobs and prosperity, especially for our young people.<\/p>\n
\u201cThe diversification of the economy under Buhari is in line with the implementation of his Economic Recovery and Growth Programme (ERGP) to drive industrialization, with emphasis on small and medium scale enterprises to increase non-oil exports.<\/p>\n
\u201cBuhari knew ahead of time that it would be suicidal to entirely rely on revenue from oil for funds to drive the developmental programs of government and toe the path of economic diversification with a focus on the development of agriculture, solid minerals, science and technology, manufacturing industries and ICT sectors, \u201d it said.<\/p>\n
BMO said it believes that this economic diversification is yielding great dividends. \u201cThis is because the oil sector now contributes roughly 10 per cent to the economy while the non-oil sector contributes about 90 per cent.<\/p>\n
\u201cIn 2021, the oil sector contributed 7.24 per cent to the economy while the non-oil sector contributed 92.76 per cent.<\/p>\n
\u201cIn the non-oil sector, Nigeria\u2019s agricultural sector remains the largest sector in the economy, contributing 25.9 per cent to the real GDP, with an estimated value of N18.74 trillion in 2021. The sector grew by 2.1 per cent year-on-year from N18.35 trillion recorded in the previous year.<\/p>\n
\u201cThe Information and Communication (ICT) sector contributed 15.5% to the aggregate real GDP with a value of N11.23 trillion in 2021, which represents a 6.55% expansion compared to N10.54 trillion recorded in the previous year.<\/p>\n
\u201cThe manufacturing sector contributed 9 per cent to the country\u2019s real GDP with a value of N6.5 trillion, increasing by 3.35 per cent year-on-year from N6.29 trillion recorded in the previous year\u201d.<\/p>\n
According to the group, Nigeria\u2019s trade sector expanded in the review year by 8.62 per cent year-on-year in real terms in 2021, contributing 15.7 per cent to the nation\u2019s economy with a value of N11.36 trillion.<\/p>\n
\u201cMore so, the nation has focused its efforts on increasing non-oil exports such as cocoa and sesame seeds. Revenue from these exports grew by 79.4 million dollars and 153 million dollars respectively.<\/p>\n
\u201cOperations at the Federal Inland Revenue Service (FIRS) have also improved significantly. For instance, the agency generated revenue of N4.2 trillion between January and September 2021.<\/p>\n
\u201cA large chunk of this increase came from financial technology (fintech) as the need for cashless payments, mobile transactions and easy loans exploded during the COVID-19 pandemic. Nigeria attracted over 134 million dollars in fintech venture capital in 2020, capturing more fintech funding than anywhere else in Africa.<\/p>\n
\u201cGenerally what is apparent in this is that Buhari is on top of the economic direction and management, he understands the best policies to deploy and it is the impact of those policies that is being reflected in our economy,\u201d the group said.<\/p>\n","protected":false},"excerpt":{"rendered":"
President Muhammadu Buhari\u2019s government has committed more resources to the diversification of the economy; with a focus on the development of agriculture, solid minerals, science and technology, manufacturing and ICT sectors, than any previous administration. According to the Buhari Media Organisation (BMO), Pro. Pat Utomi\u2019s opinion that the present administration has done very little to […]<\/p>\n","protected":false},"author":13,"featured_media":177063,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_override_counter":[],"footnotes":""},"categories":[2],"tags":[37937,115,12601,949],"class_list":["post-188809","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","tag-bmo","tag-buhari","tag-diversification","tag-nigerias-economy"],"yoast_head":"\n