The Executive vice Chairman (EVC) of the Nigerian Communication Commissions (NCC) Prof. Umar Garba Danbatta says Nigeria cannot solely depend on oil earnings anymore.
Danbatta who disclosed this at the Annual Directorate 2020 Conference by the Institute Of Directors (IOD) said oil revenues are currently dwindling worldwide due to the discovery of alternative energy sources such as solar energy, nuclear energy and geothermal energy.
According to Danbatta the Federal Government is looking for ways of diversifying the economy towards multiple sources from a growing range of sectors and markets by increasing productivity, creating jobs and providing the basis for sustained economic growth.
He said several attempts made by the Federal Government to diversify the economic by setting up manufacturing and other industries such as the Ajaokuta steel rolling mills, tyre, textiles, fertilizer manufacturing companies etc, had little impact as majority of them have folded up while others are finding it difficult to survive.
The NCC Boss added that the situation has been compounded by the economic recession experienced recently by the outbreak of the novel coronavirus globally.
Danbatta said the National Economic Sustainability Plan (NESP) developed by the National Sustainability Committee chaired by Vice President Yemi Osinbajo, is aimed at overcoming the challenges posed by the COVID-19 pandemic, enhancing oil and non-oil revenues, creation of a financial stimulus package for the Nigerian economy, support for MSMEs and the creation of jobs amongst others.
The NCC EVP further stated that, countries are currently exploiting the fourth industrial revolution in order to diversify their economies.
He said the fourth industrial revolution, which has also been referred to as 4IR or Industry 4.0, describes the age of intelligence and encompasses technologies like high-speed mobile Internet, Artificial Intelligence, automation, the use of big data analytics and cloud computing.
He however noted that the major constraint in Nigeria facing the 4IR is the inadequacy of digital skills, infrastructure deficit, enabling environment and inadequate infrastructure.
The EVC concluded by saying the only thing that will take Nigeria out of its current economic crisis is the diversification of the economy and having ethical leaders who will manage its resources effectively and efficiently, by ensuring adequate planning and proper management of resources, all-inclusive growth and prudence.
