How to revive Nigeria's economy - Otteh

President Muhammadu Buhari’s government has been advised on the best approach to take to savage the Nigeria’s economy from total collapse.
World Bank vice president and treasurer on Monday, February 22, saying the government as matter of urgency must diversify the economy in order to survive the sharp drop of oil prices.  Otteh who was a guest speaker at the inaugural Philip Asiodu Lecture Series, spoke on the topic: “The proper role of oil in the context of accelerating growth and development in Nigeria.” She said that  aside of the fact the country performed lowly in human capital development, the life expectancy of Nigeria is 53, adding that is eight years lower than Ghana and 21-year lower than in Brazil. She hinted further that 2015 report of Transparency International which rated the country 136 of 168 corrupt countries had adversely affected the flow of foreign direct investment into the country.   “Nigeria rapid GDP growth over the past decade has not translated into strong human development and competitiveness compared to the rest of the world even when compared to many of its Sub-Saharan African peers.” She further stressed that the country can no longer depend on oil, which account for its 95% foreign exchange. Otteh concluded by saying: “Given the level of price uncertainty and Nigeria’s dependence on oil, it is all the more important to diversify away from oil.”naij