Oil accounts for over 94 per cent of our foreign exchange revenue and that is not good for sustainable growth and diversification of the economy.
An Executive Director at Zenith Bank, Henry Oroh, has said that Nigeria’s dependence on oil revenue for her foreign reserve will not aide sustainable growth in the country.
Oroh, while speaking with CNBC Africaduring the International Trade Seminar, emphasised the need for Nigeria to diversify to wane off the economy from its over-dependence on crude oil.
He said, “We all know that our country, we have been over dependant on oil.
“Oil accounts for over 94 per cent of our foreign exchange revenue and that is not good for sustainable growth and diversification of the economy.
“The country abandoned its other sources of revenues like the palm produce and cashews, to focus on oil.
“Once we diversity to the non-oil sector, we are going to be developing opportunities for employment. We are going to be developing SMEs and the various value chains that come with it. Even crime will be reduced because youth unemployment will reduce.”