Nigeria must urgently diversify her economy from crude oil- Jonathan

The president addressed Nigerians in China.

President Goodluck Jonathan on Thursday gave reasons why Nigeria must move faster towards the diversification away from oil as the mainstay of the country’s economy.

The President said during an interview with China Television in Beijing that the increasing utilisation of shale gas and other alternative sources of energy by the United States and other advanced oil importing nations of the world was a matter of concern for Nigeria.

“That is why we have to increase the pace of diversifying our economy and move our country away from dependence on the oil and gas industry,” the president said. “We must work towards greater industrialization; add more value to our agricultural products; develop our solid minerals potentials and other sectors of our economy before the time comes when crude oil may no longer be dominant as a global source of energy.”

President Jonathan, who also met with the Nigerian community in China, commended the National Assembly for its ongoing process of expanding the coverage of the Local Content Act to sectors other than oil and gas, pointing out that the move would further stimulate domestic industrialisation and contribute significantly to the desired diversification of Nigeria’s economy.

On concerns expressed by a member of the community about Nigerian professionals having to compete with expatriates from China and other countries for employment opportunities in Nigeria, the president said that Nigeria’s immigration laws and expatriate quotas provide adequate protection for Nigerian workers.

“If our immigration personnel do their job as they are expected, then you are all adequately protected,” the president said, while urging Nigerian students and professionals in China to imbibe the positive traits of the Chinese and try to come home to contribute to national development.

“You are in a country that is a super-power, a country that is technologically developed, a country of hardworking people, who work day and night. If you imbibe this culture and pass through their training, you will all be in a position to come home and help us to develop our own country,” the president told students and professionals at the interactive session.

He assured them that his administration was totally committed to making a positive difference in the lives of all Nigerians.

“As a people, we must build our country. I can assure you that we are working steadily to do so. Our vision and roadmap are very clear,” President Jonathan told members of the Nigerian community.

Before his meeting with the Nigerian community, the President addressed a large turn-out of Chinese investors at a Nigeria-China Business Forum in the Beijing World Trade Centre on the need for them to take advantage of the very generous investment incentives currently being offered by the Federal Government, while assuring them of the safety of their current and future investment in Nigeria.

culled from premium times.