An economic expert has notified Nigerian federal government to intensify efforts in diversifying the economic situation into non-oil economic climate and not depending solely on petroleum, which could run out in 41 years.
In his paper labelled: ‘Product Space and Export Competitiveness’ at the Fourth Economic Policy And Fiscal Technique Seminar held in Abuja, arranged by Center for the Study of the Economic situations of Africa (CSEA), a Director at the Center for International Advancement, Harvard University, Professor Ricardo Hausmann expressed disappointment that countries that have extra crude oil compared to Nigeria were more diversified than Nigeria.
If it did not diversify, he pointed out that there will not be any purposeful development in Nigeria. For him, the process of progression was the process of variation.
According to Hausmann, while the wealthy nations make even more items, the poor ones create few products.
Earlier in his welcome address, the Director, CSEA, Dr Ebere Uneze, said that while it was true that real gross domestic product has grown at over six per cent in recent year, the economy could not be said to be competitive when compared with other emerging economies.
He also noted that Nigeria has been sliding in key indices such as the ‘Ease of Doing Business index’
Uneze said that a situation where the top 100 non-oil exporters in Nigeria earned about $1.8 billion in the whole of 2010, less than one month of oil revenue is a confirmation of lack of competitiveness of the economy.
However, he said, while the contribution of non-oil exports to the national treasury is less, Nigeria continues to face challenges arising from leakages from crude oil.