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An Accountant, Dr Samuel Nzekwe, has called on the Federal Government to start thinking about diversification of the economy to address the dwindling oil price occasioned by the coronavirus pandemic.
Nzekwe, a former President, Association of National Accountants of Nigeria (ANAN), made the call in an interview with the News Agency of Nigeria (NAN) in Ota, Ogun, on Thursday.
The former ANAN boss noted that the full diversification of the country’s economy became necessary to meet the post- COVID-19 effects.
“It is now time for the Federal Government to start thinking of serious diversification of the economy.
“And think less of oil by start planning how to have alternative sources of revenue, to cushion the effects of the dwindling oil price in the international market.” he said.
Nzekwe explained that the country had oil but could not sell at the international market due to the COVID-19 ravaging the world.
He noted that most countries that had oil were selling at a loss, as the cost of production was about 23 dollars.
Nzekwe also stressed the need for the Federal Government to redouble its efforts in diversifying the economy as the world was moving toward solar energy. (NAN)
