Lukman Otunuga, research analyst at FXTM, has urged the federal government of Nigeria to move away from oil as a major export commodity for the country and look at other sustainable sources.
Otunuga stated this in a chat with Nigeria CommunicationsWeek in Lagos.
He stated that Nigeria needs to move away from oil as major export commodity and look at other sustainable sources like tourism and agriculture.
He noted that if the country could follow the example of what other nations have done and fix its weak infrastructure, she could gain GDP through tourism.
According to him, any nation that has weak infrastructure naturally will have a weak GDP and this is what is with Nigeria.
In his words, "Nigeria could gain GDP via tourism, tourism is a very good GDP earner, if Nigeria is able to fix its infrastructures, if Nigeria could fix these bumpy roads and ensure that electricity is stable this would attract tourists and this could be another form of growth for Nigeria.”
He added that the growth of the country’s GDP remains in the diversification of its economy.
Otunuga also implored government to explore this period the oil prices are trading where they are now and push further to Agriculture.
He said, “What Nigeria needs to do is to explore this period that the oil prices are trading where they are trading now and push further to agriculture.
“You know that unemployment in Nigeria is at18% and youth unemployment is even higher and Nigeria is been blessed with fertile lands and a very young working force when you put these two things together, the answer to Nigeria expanding its GDP goes to Agriculture also.”
He decried the multiple exchange rates we have in the country, adding that multiplicity of exchange rate will discourage foreign investment.
According to him, “we should look for ways to actually abolish the multiple exchanges because it’s a bit confusing and this confusion continues to repel foreign investments.
“So we have the official rate, we have the black market rate and we have the different rates other central banks are using, we should look for a way to have one exchange rate if we are to actually attract foreign investment.”
