Apart from the adverse impact of the instability in the oil market on the nation's foreign earnings- the scarce foreign currencies, especially the United States dollar, which has forced federal government through the Central Bank of Nigeria (CBN) to discourage importation, particularly of goods that could be produced locally.

Our over reliance on crude oil as the primary export commodity and foreign exchange earner, Nigeria’s reputation of being the largest economy in Africa is worth nothing if the country perpetually remains a consumer nation, without working on how to diversify our economy to achieve self-dependency, through encouraging production of local products. A growing economy without job creation and poverty reduction may have adverse effect on country’s living condition, with no impact on poor people’s ability to part of growth opportunity.

Countries who continue to run their economy with a mono product are vulnerable to stocks due to volatility of global oil prices, the World Bank has warned.

President Muhammadu Buhari addressed this pressing issue in Abuja that, Nigeria made a terrible mistake by becoming a mono-product economy hinged on oil...

Read the full report >>>>>>http://nadinepost..com/2016/05/dependence-on-oil-nigerias-costly.html

his eyes are wide open all thanks to NIGERIA DIRECTORATE ACADEMY



Only the wise understand the ^^^^^^^^^^^^^^^^^

What Kind Of Sauce Is This? Na Dollar Still Cause This One?

This is visible for even the blind to see

Buhari no get sense.
Oil is nothing yet you're spending billions looking for oil in chad basin.

Even though I am a beneficiary of the oil industry, I pray crude falls to five dollars per barrel, so that we can all tap into my favourite slogan.

Necessity is the mother of invention.

And wtf are you doing about it.
There are step that can be taken right now to change this oil dependent economy

mr president is not too late just tell the soldiers to liv niger delta and ask your Fulani brothers danjuma to close their oil company in Niger delta

Common tomato pest you can't control, herdmen killing farmers u can't handle, rice production not even enough to crash it's price so what blame r u putting on oil now?

You are now blaming oil for your woes. The same crude oil you killed 3 million people to steal. God punish you there!

Here goes d most clueless fantastically corrupt president so old has his brain yeye govt

Buhari you are a disgrace to Nigeria. If u knew this why don't u make ursef minister of Agriculture and Cow so u reviv d sector been a cattle rearer that u are. It's clear ur illiteracy is playing out.

Ok