How to revive Nigeria's economy - Otteh

, by Laura Ikeji

– Arunma Otteh has called on Nigeria’s
government to diversify the economy in
order to prevent imminent collapse
– She advised that non-oil sector must be
developed to cushion the effect of economy
President Muhammadu Buhari’s government
has been advised on the best approach to
take to savage the Nigeria’s economy from
total collapse.
File photo of World Bank vice president,
Arunma Oteh
This counsel was given by Arunma Otteh,
World Bank vice president and treasurer on
Monday, February 22, saying the government
as matter of urgency must diversify the
economy in order to survive the sharp drop
of oil prices.
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She frowned that the country is ranked 152
of 188 in the Human Development Index
decrying that this rating is below average for
sub-saharan Africa.
Otteh who was a guest speaker at the
inaugural Philip Asiodu Lecture Series, spoke
on the topic: “The proper role of oil in the
context of accelerating growth and
development in Nigeria.” She said that aside
of the fact the country performed lowly in
human capital development, the life
expectancy of Nigeria is 53, adding that is
eight years lower than Ghana and 21-year
lower than in Brazil.
She hinted further that 2015 report of
Transparency International which rated the
country 136 of 168 corrupt countries had
adversely affected the flow of foreign direct
investment into the country.
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The World Bank VP said: “ Nigeria rapid GDP
growth over the past decade has not
translated into strong human development and
competitiveness compared to the rest of the
world even when compared to many of its Sub-
Saharan African peers.”
She further stressed that the country can no
longer depend on oil, which account for its
95% foreign exchange.
Otteh concluded by saying: “ Given the level
of price uncertainty and Nigeria’s dependence
on oil, it is all the more important to diversify
away from oil