Nigeria's economy is heavily dependent on its oil sector, which accounts for over 90% of export earnings and about 60% of government revenue. Unfortunately, the volatility of crude oil prices and decrease in demand have had a major impact on Nigeria's economy, creating a need for diversification. It is in this context that President Tinubu must urgently diversify the Nigerian economy and empower small and medium businesses.

Diversifying the economy and empowering small and medium businesses is not a luxury but an essential need if Nigeria is to achieve sustainable economic growth. By focusing on non-oil sectors and supporting small and medium businesses, Nigeria can improve economic stability, boost job creation, and promote wealth distribution.

One of the most important reasons why President Tinubu should diversify the Nigerian economy is due to increased economic stability. When the country's economy is heavily reliant on the oil sector, socioeconomic fundamentals are often ignored, and the economy becomes susceptible to instability caused by volatile oil prices. Diversifying the economy reduces the impact of this instability and makes the economy more resilient.

Empowering Small and medium businesses also offers significant benefits by creating jobs and contributing to economic growth. SMEs are the engine of any growing economy, creating new and innovative products, services, and processes that can transform industries, improve economic competitiveness, and create new jobs. With an estimated 70% labor force in Nigeria working in SMEs, empowering these businesses will have significant advantages for employment generation.

Moreover, diversifying the economy and empowering SMEs can improve wealth distribution and reduce income inequality. SMEs create the potential for individuals to become successful MSME entrepreneurs and business owners, thus providing an avenue for people to break out of poverty cycles. With an increased focus on MSMEs, Nigeria can create a much-needed middle class, stimulate economic growth, and reduce the gap between the rich and poor.

Finally, diversifying the economy and empowering small and medium businesses can improve foreign investment and facilitate trade with other countries, create robust supply chains, and attract more foreign direct investment. It has been noted that having a non-oil dependent economy sends a positive image and makes Nigeria more attractive for foreign investment.

In summary, Nigeria desperately needs to diversify its economy and empower SMEs, and this must be a priority for whoever next takes the office of the presidency. By diversifying the economy, Nigeria will improve economic stability, boost job creation, reduce income inequality, promote wealth distribution, and improve its standing as an attractive investment destination. It is high time for Nigeria to focus on non-oil sectors, empower small and medium businesses.

marlow1962:
Mtchew
After una don stand on calamity mandate finish, now na easy steps to survive the calamity were una put for power.
Rubbish.

PerfectStranger:
No easy way oga. As long as you're consuming food daily. And we deserve all the hardship.

BigYash:
Not everyone deserved d hardship. Some learnt from 2015 and wanted genuine change,but the Nigerian factor( corruption) didn't let their vote count) .. Na only the unwise still went supporting what was causing them hardship since 2015.. From Change ( change of living comfortably to introduction to hardship. From there ,they called it Next Level ( Next level of Suffering) . From there now,they called it renewed hope( Renewed form of hardship) And what surprises me is that,till this minute, some f*ols still supports and defend what is killing and ruining them .. No be say them get special benefit from the government.. The same them suffer wan kill them lowkey,but they come in nairaland to make mouth.. My prayer na make fuel enter 2k per litre. Make USD to NGN dey like 2500usd to 1#.. Some people must learn their lessons..

PerfectStranger:

They're suffocating yet still defending them. What a folly. They must learn the hard way

koiki4bat:
Thanks