Nigeria urged to diversify its economy

ABUJA (CU)_Nigeria’s economy, as the largest oil producer in Africa, is heavily reliant on the industry’s contribution to the GDP. Over the past three decades, the oil and gas sector has provided 90 per cent of the foreign exchange earnings of the country, which has financed 80 per cent of total government revenue. However, the top intergovernmental organisation for petroleum exporting countries, the OPEC is now urging Abuja to diversify its economy in response to declining investments in the global oil and gas industry, amid growing opposition by the international community against fossil fuels.

Speaking during the annual international conference of the Nigerian Association for Energy Economics (NAEE),  the Secretary General of the international oil-producers’ cartel, Dr. Sanusi Barkindo, noted that amid…..

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