There are many brilliant Nigerians in the private sector that could of a truth save Nigeria from its embarrassing economic mess.
Some of these brilliant minds are major stakeholders in different sectors of the economy, and they have continued to give wise counsel.
Well, it is hoped that the government will one day adopt this wise counsel and move Nigeria forward.
The latest advice suggests that the government should quit dependence on oil revenue and look towards the solid mineral sector
The federal government has been urged to diversify into solid minerals and reduce over-dependence on revenue from oil.
This advice is coming from the Lagos Chamber of Commerce and Industry (LCCI), at a time when the global oil market is declining.
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Nigeria Needs to Diversify Into Solid Minerals For Economic Boom
LCCI president, Gabriel Idahosa, gave this piece of advice to the government on diversifying the economy’s revenue base.
He said, “While the policy to regulate the solid minerals sector in Nigeria has potential economic benefits.”
“The need to address the associated challenges will be crucial to realising its full potential and ensuring sustainable and inclusive development.”
Idahosa said this would help mitigate the impact of oil price fluctuations on the country’s economy and enhance economic stability.
Solid Minerals Sector, A Viable Option Out Of Nigeria’s Economic Mess
“The development of the solid minerals sector is likely to create job opportunities across various stages of exploration, mining, processing, and marketing.-
This can contribute significantly to reducing unemployment and fostering economic growth.
“The effective regulation of this sector can also lead to increased revenue generation for the government through taxes, royalties, and other levies.
He opined that this revenue could be utilised for infrastructure development, social programs, and other public services.
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By regulating the sector, Nigeria can position itself to participate more effectively in the global market for solid minerals.
This can open new opportunities for international trade and partnerships,” he said.