WHEN “BLACK GOLD” LOSES ITS LUSTER

Our beloved country, Nigeria faces a severe economic crisis such as it has not experienced in a long while. According to data released by the National Bureau of Statistics, NBS, Nigeria’s economic growth in the last quarter stood at 2.1 percent. The total growth recorded in 2015 was 2.8 percent, the slowest since 1999. It is reported that falling oil prices is largely responsible for this situation.

This gives rise to these questions: Is Oil the only resource Nigeria possesses? What would happen if for some reason oil stops flowing in the land?

The economy is deteriorating. Organizations are downsizing. Individual businesses are at risk of crumbling. The country is in a lamentable state.

Nigeria is a country rich in natural and human resources. We need to start harnessing them now. It is important to note that there are countries within this same continent that are growing their economy continuously. It takes effort, patience and passion. We must borrow a leaf from countries such as Rwanda. Rwanda’s Gross Domestic Product (GDP) increased from 4.7% in 2013 to 7.0% in 2014. This year, Rwanda’s GDP is expected to rise to 7.5%.

Interestingly, the Agriculture sector is the leading source of revenue for the Rwandans. 

Tourism also plays a vital role in generating foreign exchange in the country. While they may not have attained their desired level, they are definitely getting there slowly but surely. 

It therefore goes without saying that there is an urgent need for action. First, the Government of Nigeria should as a matter of urgency, give attention to diversification of the economy. This time, it should not stop at being a promise; it has to be enforced.

Second, Nigerians generally need to broaden their horizon, try out new things and entertain fresh ideas. It is a course of wisdom to change a path that isn’t working.

At Seedland Agro-allied Ltd, we are engaged in trading and supply of different kinds of Agricultural products.

Visit our website to learn more about our products and services:

http://www.capitalfieldinvestments.com/seedlandagroallied/

We wish you a beautiful Easter celebration ahead! Enjoy the holidays.