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The Need for a Diversified Economy 2

Shell that discovered our oil in commercial quantity on the 15th of January 1956 in Oloibiri oil field is now diversifying their investment but the people that made so much money from the sale of the oil have refused to diversity their economy to create room for more money and then end the over 90% dependence on oil revenue.


From 1960 till date the people that manned and presided over the affairs of this nation spent their time looting and re-looting the loot instead of using the money from the oil wind fall to develop other critical sectors of the economy.


Nigeria got trillions of dollar in oil revenues from the 1956 till date. India had zero resources and was not getting trillions of dollar as Nigeria

Many states cannot pay salaries of workers because of lack of enough funds. School buildings are in shambles because there is no fund to renovate or build another one.

Many infrastructures begin for attention but none is given because the government lack the funds to do so.

All these are happening because the oil revenue we depend on is no longer coming as expected. The money from sale of oil is no longer enough. As a result, the ensure is begin for diversification. The time to use some percentage from the little oil revenue to develop other critical sectors is now.

Today, the Indians have built the greatest universities e.g (IIT), whose graduates are now CEOs of IT and Microsoft. In Nigeria and Africa at large, we have built nothing of value. Our universities are embarking on industrial strikes almost on yearly basis. The money Nigeria has made from oil for over six decades has only brought doom instead of development because of massive fraud and our inability to invest in other sectors of the economy for more revenues.


All we do is go into politics and loot for personal gains. No one is going into politics to better the lives of the people.


And the most interesting of all this is that virtually all African nations are having the same problem. 

And this reminds me of the words of late Nelson Mandela " If Nigeria does not get it right, no African nation will get it right"


May we get it right some day.

Content created and supplied by: OtiSundayDaniels (via Opera News )

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