According to Dr Biodun Adedipe, the Chief Consultant, B. Adedipe Associates Limited (BAA Consult), Nigerian Economy is now diversified and there are evidence to prove it.
Addressing financial journalists in Lagos on Thursday, Adedipe stated that despite the myriad of challenges, there are large varieties of economic activities going on in Nigeria, making tangible contributions to the GDP by the values they create.
According to data obtained from the National Bureau of Statistics, the Non-Oil sector contributed 91.1% to GDP in Q1 2017 with the rest 8.9% by oil sector.
A breakdown of major sectoral contributions to GDP in the first quarter of 2017, showed Agriculture contributed 21.35%, Trade 17.78%; ICT 11.56%; Manufacturing 9.74%; Mining & Quarrying 8.95%; Real Estate 6.32%., with a summary which puts Agric at 21.35%, industries at 23.21% and services at 55.44%.
Asides the agriculture and real estate sector which recorded Q-Q contractions of 3.07 and 0.89 percent respectively, all other key sectors captured in his presentation recorded significant growth, an indication of a fast stimulating economy.
Although Adedipe lauded the Nigerian government for steps it has taken towards reviving the redundant sectors of the economy, he said government’s attention on infrastructure had the strongest capacity to drive a speedy reversal of the current economic crisis.
According to Adedipe an adoption of such economic policy as ‘Made-in-Nigeria', will revive economic activities, and create engagements with international to complement earnings.
He said emphasis on Solid Minerals will expand the nation’s foreign earnings and government revenue, while real Estate will bridge the housing deficit of almost 21 million.
Highlighting the significance of MSMEs which he said will reverse poverty trend, the Economist stated that oil remains important, but fresh attention should go to domestic refining and gas, noting that gas remains largely untapped at 188 trillion standard cubic feet of reserves. All these, he said will trigger massive wealth and job creation.
