Nigeria's monolithic economy is indeed the bane of her underdevelopment:


It cannot be argued any further that Nigeria's monolithic economy (total dependence on crude oil revenue) is indeed the bane of her underdevelopment.

 
The recent crash in oil price (Imagine oil dries up in Nigeria’s Niger Delta one day) brings to fore the urgent need to intensify the diversification of the economy if the story of Nigeria must change for the better.

As the year 2014 comes to an end and we look forward to 2015, it has become imperative to emphasize that for sustainable and rapid development to be achieved in Nigeria, there must be a conscious effort by the Government and the Citizens to cut down on their appetite for crude oil money.

In its place and as a matter of urgency, the Government should revamp the tax system immediately and especially get the super wealthy to pay more taxes in line with the PAYE Tax System.

Also, the Manufacturing Sector should be given similar attention as the Agricultural Sector has witnessed under the Transformational Agenda of able President Goodluck Ebele Jonathan (GCFR). Kudos to Mr. President for the foresight and determination in this regard.

However, the key to the success of these sectors is getting the electricity challenges the nation is facing right. Hopefully, the reform that has taken place in the power sector begins to yield dividends soon and electricity becomes constant in the coming year.

Finally, Nigeria's Leadership and the Citizens irrespective of party affiliations must put the Country first and work together as stakeholders to develop various sectors of Nigeria's economy.

The time is now if we must have a greater Nigeria to pass unto generations yet unborn.


God bless Nigeria!!


Comrade Shedrack Fubara
Writes from Alberta, Canada

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