The Deputy Chief Whip of the Nigerian Senate, Senator Aliyu Sabi Abdullahi has emphasised why there is urgent need to diversify the Nigerian economy, saying attempts by successive administrations failed because of absence of legal instrument.
The lawmaker opined that the Nigerian Economic Diversification bill which has scaled second reading in the Senate should be accorded urgent legislative process.
Senator Abdullahi raised alarm that Nigeria’s economic fortunes are tied to the ups and downs of the market for oil, which accounts for more than half of the country’s revenue.
Specifically, he said Nigeria’s crude oil proceeds fell by 41.60 percent in the first quarter of 2021 to $6.48billion from $11.1billion in the first quarter of 2020.
According to the Senator, despite various loans, reforms and policies, millions of Nigerians continue to remain impoverished.
Senator Abdullahi made this known in his lead debate on the Nigerian Economic Diversification bill titled:
“A bill for an Act to establish the Nigerian Economic Diversificaton Council and to provide for comprehensive framework, structures, programmes and schemes for strengthening capacity development in that direction “.
He said the new approach will be a departure from policy pronouncements of the past to required legal instrument .
Indeed, an Economic Diversification Council that will serve as special purpose vehicle for the urgent facilitation of that, he said, should be created.
The Council as explained in the bill sponsored to that effect by Senator Abdullahi ( APC Niger North), will be self funding after take off grant of N1.618billion for the first year.
“The objectives of this bill is to have a legislative framework for diversification of the Nigerian economy.
“It includes the establishment and maintenance of programmes for the overall development of the Nigerian economy, more especially, to encourage the growth of Nigerian industries, services, technologies in order to diversify the Nigerian economy and raise the standard of living of persons living in Nigeria to a reasonable level.
“The critical and urgent need for the diversification of the Nigerian economy to guarantee a prosperous economic future for both the present and unborn generations of Nigerians must no longer be glossed over, if Nigeria is to be kept alive.
“Nigeria need to move away, and , very quickly too, from over reliance on the unstable petroleum revenue to a well-focused diversified economy where the key sectors of the economy like the ICT, Solid minerals, health, manufacturing, power, agriculture and maritime sectors will be productively utilized to provide sources of sustainable revenues for the economy”, he stressed.
Continuing, “Diversification helps to mitigate volatility and provides a more sustainable path for equitable growth and development.
“It is even more crucial now, given the slower global economy and the pressing need in many developing nations to boost revenue”, he said.
He said the Board of Council sought to be created would be headed by the President and Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria.
