U.S. advises Fed Govt on economic diversification

UNITED States (U.S.) Ambassador to Nigeria Stuart Symington has advised Nigeria to diversify its economy toward pursuing deeper growth and development.

Symington gave the advice at the Nigerian-American Chamber of Commerce (NACC) Annual Dinner and Inauguration of Otunba Oluwatoyin Akomolafe as NACC’s 18th President in Lagos.

Symington, in a statement yesterday by Ebuka Ugochukwu, the Communication Manager, Nigerian-American Chamber of Commerce said that the Federal Government should reduce its dependence on crude oil.

He said: “Let us make the Nigerian brand what God has made it which is the green and white. There is need to diversify the economy in order to pursue development and a better future.

“The entire world is getting old while Africa and Nigeria is getting younger, because they are growing six times faster over the next three years, faster than even India or China. The question about this growth being a blessing or a curse, is dependent on us as a country.”

According to him, Nigeria has the opportunity to leverage the very best of U.S-Nigeria relationship, joined together by ties of blood, education, investment and other factors to unite it.

The envoy said: “We all have a secret opportunity to do well alone and to do good together.

“Nigeria is a land of the free and the home of the brave. Changing the world and making it a better place is a task left for us all to do.”

A former Chairman of Nestle Foods Nigeria, Chief Olusegun Osunkeye, said that Nigeria has to unearth the golden opportunities for economic growth and development with agriculture and ICT which were viable alternatives to crude oil export.