21 January 2018

Nigeria: Crude Oil Price Increase Should Not Affect Economy Diversification - Lawmaker

A member of Osun House of Assembly, Mr Olatunbosun Oyintiloye has urged the Federal Government not to allow the slight improvement in the price of crude oil at the international market affect its economy diversification policy.

Oyintiloye (APC-Obokun), said this in an interview with the pressmen on Sunday in Osogbo. "While an increase in the price of crude oil at the international market was desirable, it should not be seen as the panacea to the economic challenge in the country.

"Recently, the price of crude oil at the international market was reported to have moved up to between 69/70 dollars. "This slight increase should not affect our economy diversification but rather, government must begin to focus on other sectors for economy stability."

According to him, the over dependence of the nation on crude oil among other factors is responsible for the economy challenges the nation is facing.

Oyintiloye, who chairs the House Committee on Information and Strategy, said it was high time that the nation began to deepen productive activities in other sectors such as Agriculture, Tourism and Solid minerals.

He said that the nation needed to invest immensely in education, science and technology and also learn to take advantage of digital age to create new opportunities for younger generations.

Oyintiloye, however, said that he was confident that the economy would get better through determination of the Federal Government and resilience of the states government to grow the nation economy.


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