The Nigeria Economic Summit Group has expressed worry over the country’s huge exposure to oil price fluctuations, emphasising the need for a better structured and effective diversification of the economy.
The leading policy think tank made the observation in a 15-point statement issued on the state of the economy.
In the statement signed by the Chairman of the Board of NESG, Asue Ighodalo, and the Chief Executive Officer, Laoye Jaiyeola, it said, “The NESG notes the nation’s huge exposure to the vagaries of oil price fluctuations and emphasises the need for a better structured and effective diversification of the economy.
“However, the NESG is not oblivious to the continuing crucial role of the oil and gas sector in our economy.”
NESG commended the Presidency’s efforts to fast-track the passage of the Petroleum Industry Bill and urged that further stakeholder consultations be considered so that the resultant law would create the required enabling environment for investment flows, reserves enhancement, technology transfer, and utilisation efficiency.
It added, “The NESG commends government’s actions at deregulating fuel and electricity prices and urge that proper policies, processes and procedures be put in place, to ensure that all the reforms (beyond price deregulation) necessary to facilitate the smooth functioning of both the fuel and electricity markets are effectively and conclusively implemented.
“Adequate communication to stakeholders and the general public on the benefits derivable from these actions must also be regularly carried out.”
