Mr. Ibe kachikwu, the minister of sate for petroleum resourses says the growth of the economy only depends on mobilising and applying human, natural and financial resources. He said this in a presentation at the ongoing 9th Annual Forum of Laureates of the Nigerian National order of merit in Abuja on Wednesday, the paper is titled “Structures and Processes of Nigeria Mono Economy”. He said that Nigeria’s difficulties was as a result of not diversifying its natural resources base for a useful result. The minister said that the country’s economy would attain a great height of growth if the economy was diversified.
He said that that structures and processes should be made for the implementation of national economic survival in the quest to diversify the revenue base of the nation. He said, “Oil has been the world’s major commercial energy source for decades and the consensus is that it will maintain this leading role in the foreseeable future. Oil and gas contributes over 90% of our foreign exchange earnings and over 80% of government revenue, However, energy as a commodity traded contributes only about 8.26% to the GDP as at the second quarter of 2016.
“What this means is that Nigeria’s quest for economic growth is at a faster pace than the current GDP growth rate, but natural resources as a means of developing the domestic economy still hold greater promise.
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