The Governor, Central Bank of Nigeria, Mr Godwin Emefiele, has stated that oil discovery exposed Nigeria’s economy to vulnerability. According to the CBN boss, the increasing reliance on crude oil revenues have led to a severe downturn in the agriculture and manufacturing sectors, and also exposed the economy to vulnerabilities that normally accompanied an increased dependence on a single commodity for survival.

Emefiele who disclosed that oil discovery exposed Nigeria’s economy to vulnerability, further revealed in his economic blueprint for the economy for the next five years that if Nigeria had maintained its market dominance in the palm oil industry, which stood at 40 per cent in the 70s, the country would be earning above $20bn annually from the cultivation and processing of palm oil today.

“Our situation is further worsened by the unpatriotic activities of some unscrupulous individuals and businesses who embarked on massive smuggling and dumping of goods that can be produced in the country, thus leading to the demise of our agricultural and manufacturing sectors and hence the attendant high level of unemployment" he said.

He further revealed that the CBN has been deploying intervention funds to support growth and productivity in the agricultural and manufacturing sectors, and have also restricted access to foreign exchange on 43 items. 


https://unclesuru.com/2019/06/26/oil-discovery-exposed-nigerias-economy-to-vulnerability-emefiele/

This is 4years plus, Nigerian are still waiting for this Buhari led government diversification result

Truth

And the oil is not drying up soon..

Our laziness continues...

Why didn't other oil exploring countries have this same problem?



BECAUSE

WE

DON'T

HAVE

SENSE

Useless government

nairalaila:
The Governor, Central Bank of Nigeria, Mr Godwin Emefiele, has stated that oil discovery exposed Nigeria’s economy to vulnerability. According to the CBN boss, the increasing reliance on crude oil revenues have led to a severe downturn in the agriculture and manufacturing sectors, and also exposed the economy to vulnerabilities that normally accompanied an increased dependence on a single commodity for survival.

Emefiele who disclosed that oil discovery exposed Nigeria’s economy to vulnerability, further revealed in his economic blueprint for the economy for the next five years that if Nigeria had maintained its market dominance in the palm oil industry, which stood at 40 per cent in the 70s, the country would be earning above $20bn annually from the cultivation and processing of palm oil today.

“Our situation is further worsened by the unpatriotic activities of some unscrupulous individuals and businesses who embarked on massive smuggling and dumping of goods that can be produced in the country, thus leading to the demise of our agricultural and manufacturing sectors and hence the attendant high level of unemployment" he said.

He further revealed that the CBN has been deploying intervention funds to support growth and productivity in the agricultural and manufacturing sectors, and have also restricted access to foreign exchange on 43 items. 


https://unclesuru.com/2019/06/26/oil-discovery-exposed-nigerias-economy-to-vulnerability-emefiele/

I think someone is telling us what we knew

It is bad demonic senseless management that destroys our economy. Are we the only country in the world with petroleum....
All of una na the same jare.....

The government is part of the problem. If we had honest leaders in this country we would have gone very far. The independence we got in 1958 but made official in 1960 was out of greed. They shared everything amongst themselves.. we were not ripe at all. All they do is steal and loot public funds and oppress . We are all desperate in Nigeria. Religious leaders have joined them. One day , revolution go happen

Now that you have discovered it

What's the solution?

A wise man said,Wealth is a product of human thought which means wealth is not a product of material resources.Nigerians allowed resources to control them instead of controlling them and that is the main problem.

greatiyk4u:
Now that you have discovered it

What's the solution?

Don't be in a hurry to make comment, at least space booking is allowed.

He further revealed that the CBN has been deploying intervention funds to support growth and productivity in the agricultural and manufacturing sectors, and have also restricted access to foreign exchange on 43 items. 

NA GREED N SELFISHNESS DEY WORRY ALL THESE PPLE WEY DEY FG. DIVERSIFY IS THE SOLUTION IN MY OPINION. ENUGU STATE GET ENOUGH COAL WEY GO GIVE DEM BETA MONI, BUT FG WON CARRY EVERY THING 4 HEAD.

Na yesterday dem discover the oil abi

The same oil no expose UAE, Saudi and the like to vulnerability that'd prevent them from impacting the lives of their citizens and indeed a country with proceeds from this same oil.

Neanderthals

Na so so textbook English dem sabi blow. Tell dem to conjure their own grammar, nepa go take light fiaaaam

Why is he preaching to the choir?

I don't understand . People in position of authority go dey follow lament . Useless man

Palm oil

I agree.

That's the resource curse theory/paradox of plenty.
It's what happens where a free thing becomes a snare.

It confounds the 'finder/receiver', who in turn mismanages it, until it becomes a bane instead of a blessing. At the end of the day, some people, and by extension, nations can only grow what they worked for. That's why you see some (ex) rich kids who other than squandering it, could do nothing with their parents' wealth.

Maybe if there was no oil, more emphasis would be placed on human and technological development. And perhaps, we would not have this much corruption? #justthinking

What of Dubai, Norway and the rest of the world...

Incompetent looters

The real question is:
Does the FG have an alternative to Oil?
What is their plan for a non-oil dependent economy?

There is none, yet they keep on saying theory!

I concur. Additionally, Crude oil has created a country where the government dosnt need our tax to survive. An effective tax system would have created a sense of accountability since every individual taxpayer would want to know what the government does with his money. I bet you ,70% of Nigerians don't pay tax. This creates an atmosphere of complacency. Government feels free to do whatever it wishes afterall ' they owe nobody'.

Mr CBN governor, we already know this. the question what are you and the government doing about it?

Imagine a the utterance if a so-called CBN Governor!! Should we undo the oil discovery?!

Na only Nigeria discover oil abi? I laugh at the third paragraph, so businessmen should fold their hands to watch citizens starve to death with the direction less intention of the government abi? While they could make good money importing what the government couldn't make readily available. By the way, what is the duty of custom official, etc.

The reason is simple! How can Nigerians be governed by a constitution laid out by the military for the convenience of the north and expect positive results... Majority of the geo political zones have been short changed and bastardized by the ills of the constitution by way of faulty justice systems, complete collapse of the rule of law and pure hijack of the economy by the northern elite (Cabals)!

It is the same people ruling Nigeria for the last 50 years! How can this country progress..

Jacinthe:
I agree.

That's the resource curse theory/paradox of plenty.
It's what happens where a free thing becomes a snare.

It confounds the 'finder/receiver', who in turn mismanaged it, until it becomes a bane instead of a blessing. At the end of the day, some people, and by extension, nations can only grow what they worked for. That's why you see some (ex) rich kids who other than squandering it, could do nothing with their parents' wealth.

Maybe if there was no oil, more emphasis would be placed on human and technological development. And perhaps, we would not have this much corruption? #justthinking

Intelligent. You are very correct. I agree with you

This CBN gov speaks like a kindergarten sometimes.

“Our situation is further worsened by the unpatriotic activities of some unscrupulous individuals and businesses who embarked on massive smuggling and dumping of goods that can be produced in the country, thus leading to the demise of our agricultural and manufacturing sectors and hence the attendant high level of unemployment" he said.

The situation is worsened by the unpatriotic act of Federal Gov in her failure to provide 24hrs uninterrupted electricity which makes smuggled goods cheaper than goods produced in Nigeria with expensive diesel machinery.

Next level complain from igbo man

as him talk am na so o, no much argument on d matter, true talk sha, Nigeria needs to upgrade from intensive agricultural system yo extensive agricultural system.
#Fact

It is caused by greedy people

Too cliche joor.