The Minister of Budget and National Planning, Udo Udoma, has restated that the commitment of the Federal Government to diversify the nation’s economy from its initial dependency on oil to a level of agriculture.
Speaking on the achievement and progress made by the Economic Recovery and Growth Plan (ERGP) culminated in the country exiting recession, Udoma stated that the government is willing to maintain that gradual rise in the nation’s economy.
“What we are trying to do basically is to diversify the economy. It is true I do agree that at the moment we are dependent on one commodity – crude oil.
That is something that we inherited and our plan is to move out of that dependency but to move out of that dependency, we need the resources from crude oil and that is why we have a lot of initiatives in the Niger Delta to try and get oil production back.
Yes, we are dependent but our plan is to move out of that dependency and therefore we are putting a lot of resources on agriculture and agriculture has been moving up, production has moved up.
We are putting a lot of resources as well as to get manufacturing going, and in the 2017 Budget, we allocated funds for special economic zones in each of the geo-political zones of Nigeria.”