Nigeria needs to invest more in other sectors to achieve diversification - Gov Bagudu

Kebbi State Governor Atiku Bagudu has advocated massive investment in other sectors of the national economy if the much-talked-about diversification of the oil and gas economy is to become a reality.< /p>

Bagudu spoke at a public hearing Monday on a bill to establish the Nigerian Economic Diversification Council organized by the Senate Committee on National Planning and Economic Affairs.

The governor, who is a former senator, said Nigeria is a blessed nation in every way and “we have to support different sectors in Nigeria, we have to support different voters in Nigeria to do better.

"We've done well in oil and gas, not because that's the only sector, but that's where we've invested the most money. Maybe we've put, on an average base between 1990 and 2010, which invested about $10 billion in oil and gas when I say we, it's both public and private sectors”.

According to him, "if you measure how much has been invested in agriculture, for example, during this period, it is perhaps less than 500 million dollars."

He said it wouldn't be surprising if the outcome were different, adding, "maybe if we take mining, whether it's gold, every state has something to offer, again maybe we haven't invested so much.

For him, "diversification and restructuring is an element of this so that we support the constituent parts, whether they are states or sectors, so that everyone can contribute more than they bring.

"Some of the anger we've had in the country may stem from the lack of inclusion when oil production was contaminating water bodies or in oil-producing states.

"Those who have been using these bodies of fresh water up to now as sources of sustenance for fishing, so these bodies of water have been invaded by weeds. And they also got angry and they said it was okay, you can keep producing oil but what about us.

He said the late President Umaru Yar'Adua recognized that we had an amnesty program that restricted them and that similar things are happening elsewhere only if we recognize and provide legislative support for our quest for diversification, we can tell the world that we are serious about diversification.

"The evidence of the past seven years has been a positive influence that we can build on and we can do better and faster, adding that 'it's a collective'.

"Nigeria is a trillion dollar investment destination. Nigeria, what is our federal budget, less than $35 billion? Maybe the National Assembly is about to vote on the budget 2023. I'm sure it won't be up to $40 billion. What is the budget of Brazil, a country similar to Nigeria in terms of population, about $700 billion.

“So if someone is looking after 220 million people with $700 billion, you are looking after 200 with less than 10% of that. Isn't it obvious that you won't be able to accomplish so much. But we all need to come together, we need to borrow more money if that's what is needed or we need to help all sectors produce more money so that we can misfund all of our priorities.

On the upcoming elections, he thinks that "we have made enough statements in Nigeria for everyone to be convinced that free, fair and transparent elections always lead to more trust in society, less resentment in the company.

He said the value of free, fair and transparent elections is there for all to appreciate, adding "what's important is that everyone sees what more I can do for ensure that we have free, fair and transparent elections.< /p>

"Sometimes we're all to blame in the sense that we think it's someone who should fix the problem.

However, he said, even transparent elections do not guarantee the best results, sometimes still, democracy is based on attracting populist leaders, leaders who are popular at any given time.

"We all need to play a part in ensuring that our processes are strengthened And that they are strengthened. Today, INEC is improving election transparency through better accreditation, faster accreditation, better transmission of results in due time security agencies help, especially President Buhari has committed to free, fair and transparent elections even in states where our party lost elections.

"We are a blessed nation in every sense of the word and we must support and we must support the various components of Nigeria," he concluded.

Mr. Thomson Akpabio of the Nigerian Employers' Consultative Association (NECA) drew the committee's attention to Section 332 which stipulates a 2% tax on imported textiles while imposing 10% on those produced locally. which discourages local manufacturing.

The sponsor of the bill, Sabi Abdullahi (Niger North) said he was delighted that the public hearing was well attended, as stakeholders made very significant contributions that will enrich the...