Expert advocates policy alignment to curb Nigeria’s dependence on crude oil

Dr Abiodun Adedipe, Chief Consultant B. Adedipe Associates Ltd., has called for a deliberate alignment of policies across fiscal, monetary, commercial and  industrial planks, to stop the country’s dependence on crude oil.

Adedipe made the call at the 33rd Seminar organised by the Central Bank of Nigeria (CBN) for Finance Correspondents and Business Editors, held simultaneously in Abuja and Lagos on Saturday.

The Voice Media Trust (VMT NEWS) reports that the conference had, “Policy Options for Economic Diversification: Thinking Outside the Crude Oil-Box,” as its theme.

“If Nigeria sincerely wants to get out of dependence on crude oil and the woes this has brought since the petrodollar began flowing in 1974, some courageous steps must be taken,” he said.

Adedipe advised the government to reform and rationalise governance as the structure was convoluted and costly.

He suggested that the civil and public service be professionalised, calling for the adoption of the Lee Kuan Yew Model which emphasised meritocracy and diversity in appointments.

Adedipe was emphatic that the government must reform its fiscal operations by revisiting the Anya Committee report of 2011, which would rationalise fiscal expenditure and eliminate leakages.

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He said there was also the need to focus on industrialisation by revisiting and updating the National Industrial Revolution plan, which he said was the crux of the matter.

He urged the government to commit to local production of essential goods and target infrastructure development, and called for public-private partnership with local partners rather than the present obsession with foreigners.

He urged the government to revamp the funding structure for education and stop the creation of new institutions of higher learning.