By Ndubuisi Orji
MINISTER of Solid Mineral Resources, Dr. Kayode Fayemi has reiterated the commitment of the President Muhammadu Buhari administration to diversify the economy, with emphasis on the solid mineral and agriculture sectors.
The minister, who stated that the economy has never been this vulnerable in the history of the country, noted that the present administration would return the country to the good old days where the economy was not solely dependent on oil.
He spoke yesterday at the maiden edition of the New Telegraph Economic Summit. The Summit which has as its theme: “Nigeria: Beyond the Oil Economy,” was attended by former governor of Delta State, Dr. Emmanuel Uduaghan; former director general, Nigeria Tourism Development Commission (NTDC), Otunba Segun Runsewe; Vice Chairman, Slok Group, Rev. Emeka Abone; Chairman, Daily Telegraph Publishing Limited, Mr. Idi Farouk and host of other eminent personalities.
Speaking on Digging Deeper for New Wealth: Opportunities in Solid Mineral, Fayemi said there are abundant mineral resources across the country that if well harnessed will generate enormous wealth for the country, especially with the decline in oil revenue.
“As we all know, over the past six decades, Nigeria has been a largely mono-resource dependent economy, with crude oil now contributing over 90 percent of our export earnings.
“As a prodigal generation, we wasted years of oil boom after oil boom, failing to leverage what should otherwise be a blessing, neither improving the standard of life and living of Nigerians nor saving for rainy days. The resource trap was sustained over the years till the dramatic reversal of our fortunes in recent times, with falling oil prices in the global market and prevailing challenges relating to the oil and gas industry now making it imperative on us to pursue the diversification of our economy’s revenue base.”
Specifically, he said nothing stops state governments from participating in the mining sector, as there is no legislation that bars them, saying every state is blessed with one mineral resource or the other.
Furthermore, the minister said the Federal Government “remains committed to its role of stimulating the deepening of the industry as facilitator, not necessarily as active player.
“Prospective investors are therefore encouraged to engage current investors and other stakeholders that are better positioned. Private sector players are better positioned to leverage the ‘truly Nigerian’ creative spirit, in spotting emerging opportunities while we as government do as much as possible to help them succeed, knowing that the outcome of their success will help in addressing key government priorities such as creating jobs and increasing revenue.”
Speaking at event, Founder of New Telegraph Newspaper and former governor of Abia State, Dr Orji Uzor Kalu said Nigeria could not continue to depend solely on oil.
The former governor, who was represented by the Managing Director of Slok Group, Mr. Joseph Nassif called on the government to raise the efficiency and transparency in the maritime industry.
He said with the right policy, efficiency and transparency, the maritime industry has a lot to contribute to the nation’s economy. Earlier, tLagos State Governor, Mr. Akinwunmi Ambode, who declared the summit open said diversification of the economy is an issue that could have been addressed before now.
Represented by the Secretary to the Lagos State Government, Mr. Tunji Bello, Akinwunmi this is the time for the country to think creatively about the economy.