Oil Sector News: Oil sector records negative growth –WAIFEM DG …Says Buhari should demystify the sector for greater productivity

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Oil Sector News:

Oil sector records negative growth –WAIFEM DG

.Says Buhari should demystify the sector for greater productivity

By Udeme Clement

 

Akpan Ekpo, a Professor of Economics and the current Director General, West African Institute for Financial and Economic Management, WAIFEM

Akpan Ekpo, a Professor of Economics and the current Director General, West African Institute for Financial and Economic Management, WAIFEM, has said that the oil sector of Nigeria’s economy recorded negative growth rate in the last quarter of 2018 fiscal year.

He made this known in a chat with Financial Business in Lagos.  He stressed that the economic implication of the negative growth in the oil sector has shown in marginal decline in the nation’s external reserves.

Speaking further, Prof. Ekpo called on President Muhammadu Buhari to demystify the oil sector for greater productivity.

His words, “The Federal Government should commercialise NNPC for Nigerians to buy shares. Once this is done, government would be able to use the oil money to develop the entire economy, in order to enhance sustainable growth.”

The Professor of Economics pointed out, “Though the decline in external reserves is only marginal, the negative growth in the oil sector also affected the country’s Gross Domestic Product, GDP”.

Responding to question on, ‘if government has diversified the economy’, in order to move away from mono-cultural economic practice of depending majorly on crude oil for export, he said, “In reality, Nigeria’s economy has not been diversified. This is because the system is still crude oil driven. If our economy has been diversified like what obtains in advanced countries, Nigeria would earn more foreign exchange from other sources than crude oil”.

The WAIFEM DG explained, “Also, economic diversification would stimulate growth in the manufacturing sector and make the sector contribute more to the GDP. For instance, the manufacturing sector is currently contributing about 8 percent to the GDP. If the economy is diversified, manufacturing would contribute up to at least 30 percent to the GDP”.

 

Segment-1:

This is the first part of this story. Watch out for segment-2, on the assessment of Buhari’s government by Prof. Akpan Ekpo in the last three years, in our subsequent reports:

 

 

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