The Deputy President of the Senate, Ike Ekweremadu, has advised Nigerians to look beyond oil to secure economic prosperity for the country.

Ekweremadu, in a statement signed by his Special Adviser on Media, Mr Uche Anichukwu, said the days of oil as super foreign exchange earner for the nation were numbered or probably over.

Ekweremadu gave the advice at the one year anniversary celebration of the Brickhall School, Abuja, founded by former Chairman, Senate Committee on Education, Senator Joy Emodi.

The deputy president expressed concern that not so much attention was given to education as much as oil, which would soon become valueless.

He said the way to go for sustainable growth of the country was education for both the young and old.

“Our economy is in the throes of pain today because we thought the oil windfall would last forever.

“Even, while it lasted, we dismantled all the necessary structures, such as fiscal federalism, that would have encouraged competitive development and massive investment in human capital.

“Without prejudice to the place of petroleum resources in our national life, we must face the reality that the days of oil as super earner of foreign exchange are numbered, if not over.

“Those who still look up to petroleum resources for the revival of Nigeria’s weather-beaten economy live in the past and are only building castles in the air.

“Prosperous global economies are knowledge-driven and the future only belongs to those who equip their citizens with quality education right from birth.

“This is a major reason most African nations, including Nigeria, are abjectly poor despite their rich oil and mineral resources.

“Meanwhile, many of their contemporaries, such as South Korea, with very little or no mineral resources, are among the world’s leading economies.

“We must look beyond oil; and we must necessarily invest in education if we intend to make any headway. It is not a matter of choice, but imperative.

’’ The deputy president of the senate urged privately-owned educational institutions to emulate the Brickhall School in providing high standard, but

“pocket-friendly’’ education. He also urged government at all levels and public-spirited individuals to prioritise support for educational institutions through provision of adequate supervision, infrastructure, grants, donations, and tax rebates.

“A situation where government is only interested in collecting exorbitant taxes from privately-owned educational institutions, leaving them to fend for themselves in terms of access roads, security, water, power, and other social infrastructures is exploitative.

“The development is also unacceptable because it has virtually driven them beyond the reach of the poor.

“Governments should be able to provide subsidised lands and other support in exchange of specific percentage discount for the poor to access privately owned educational institutions,’’ he said.

He commended Sen. Joy Emodi for consistently exhibiting innate drive for excellence and national development through the provision of quality education.

According to him, Brickhall School has demonstrated that private-owned educational facilities could provide high quality education at affordable costs devoid of exploitation.

http://www.vanguardngr.com/2016/12/days-oil-numbered-not-ekweremadu/

same way as buhari's days as president are numbered cos he is going down in 2019, worst administration ever from the worst president ever

How I wish it would be over, so that you people would rest.

Ndi Ori

Good. Let other sectors take over abeg.

It's probably not over. Oil as energy source to plentiful and cheap. Fact is the price is cheap because of over supply on world market. That's why shale revolution happened in US turning them into exporter. The Russians are rusing for control of Artic for hydrocarbon.

“Even, while it lasted, we dismantled all the necessary structures, such as fiscal federalism, that would have encouraged competitive development and massive investment in human capital.

He has sense. The people on this forum get their minds when I say thing. The Allocation system caused laziness/ unproductivity. The system is terrible and mostly Northern politicians against ending it. (Proof below)

When you hear it brought up and proposed it usually from southern politicians. The system made northern region especially unproductive compared to south. The data shows this.

The resource control bill is nice first step but we need to move towards fiscal federalism. The resource control will give many states incentives to exploit natural resources for tax revenue. They probably come up with schemes to attract local and foreign investment. Maybe reduce certificate of occupancy cost. Make it easier to invest.

“Prosperous global economies are knowledge-driven and the future only belongs to those who equip their citizens with quality education right from birth.

“This is a major reason most African nations, including Nigeria, are abjectly poor despite their rich oil and mineral resources.

“Meanwhile, many of their contemporaries, such as South Korea, with very little or no mineral resources, are among the world’s leading economies.

Its not just education, lack of economic freedom, infastrure and curruption issue. Fact is the government refused to copy the Asian tigers economic reforms. They would have caught up to united States by now. We have resouces and brains just bad structures.


How we move past oil (shameless plug):
https://www.nairaland.com/3496315/long-term-agriculture-not-way

Source:
http://www.vanguardngr.com/2016/11/sultan-joins-national-question-debate-restructuring-nigeria-needs/

http://www.vanguardngr.com/2016/10/restructuring-nigeria-yoruba-agenda-yakasai/

Did we even make use of it well. Buhari is still busy exploring barren North.

the bigger picture here is if tbey dumping oil for agriculture and
the agric sector is in big crisis that the Media is even ignoring it then we should all prepare to die



oil - finishing
agriculture- shambles and famine loading


abeg wetyn we wan rely on

The truth. Where is our oyel crew?

yjgm:
The truth. Where is our oyel crew?

Not many cared to read article. Second that our oil statement wouldn't apply as an argument because its not relevant to topic. I'm surprised you brought them up.

His opinion is not correct. Petroleum still a very important to forex demand and will continue to be. It's the cheapest source of energy for world. The renewables have yet to catch up in cost or efficiency.

The article touched on many issues such diversification of economy, investment in human capital , infastrure and fiscal federalism.

Buhari sef

na today

All talk, no action. These same issues were talked about 30 years ago.

Today, they are still as fresh and imperative as they were years ago.

In the next 50 years , we ll still be talking about them like the issues just emerged.

In that rapper's voice (forgotten his name)...All we do is talk, talk, talk, no matter what!

After thorough sucking, why won't it finish?

If the oil disappear one day, the South East is most likely to survive, don't know about other region. Just my opinion, but I know some region rely sorely on oil to survive due to laziness.

NB: I didn't mention anyone's name o!

This govt cef... Leave our oil for us o...

Jafar1:
same way as buhari's days as president are numbered if not over, worst administration ever from the worst president ever

Was ur living conditions better off before buhari came to power?

That's an obvious truth.

Although this criminal hit the nail on the head. My question for him in the areas he stated is who abandoned all this structure in the first place Answer the politricians

Kkk

After these bastards av enriched themselves froms its proceeds,,now telling d poor masses they av sidelined while it's booming to look elsewhere.. God punish them all.

Who is he to advise us on oil?

You guys thought it was a joke when the crowned prince of Saudi Arabia said the world will never see a $100 mark on oil.

Don't tell us anything mr man.. Channel dat advice to who, who must not be mentioned at abuja...

Jafar1:
same way as buhari's days as president are numbered if not over, worst administration ever from the worst president ever

Says who?

I dey watch them

but they won't give me an oil well even tho they claim it's days are over sha.

Anyway, diversification is key for any economy. Depending on one thing alone can not be good.

Is that news? How about you properly legislate instead of chopping our nation's money??

The certificate less presidiot is still looking for oil in the north, wasting scarce resources, dats his idea of diversification
We are doomed with this administration