Nigerian Economic Summit Group (NESG) has said Nigeria’s failure to look beyond crude oil revenue and develop other viable sectors of the nation’s economy has combined to contributed to worsening economic indices such as rising inflation, unemployment, and currency devaluation.
Nigeria’s dependence on crude oil for majority of government’s revenue has been touted as a significant root cause of many economic challenges. Non-inclusive growth has stagnated the country’s growth and development over the years.
Volatility in the commodity’s price has continually exposed the economy to external shocks leading to dwindling government revenue, slowdown in foreign exchange inflows, unpredictability in planning and economic recession.
In a statement that was issued by its spokesman, Laoye Jaiyeola, NESG said “the neglect of other viable sectors has hampered holistic economic development and contributed to worsening economic indices such as rising inflation, unemployment, and currency devaluation. Data from the International Monetary Fund (IMF) shows that historically, economic growth in Nigeria has been mostly volatile.
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