Why we are fast-tracking economic diversification - Osinbajo


Vice President Yemi Osinbajo

Vice President, Yemi Osinbajo

Vice President Yemi Osinbajo on Monday said the Federal Government had stepped up efforts at diversifying revenue sources to move away from the country’s mono-cultural economy.

Osinbajo, who stated this in Gombe while fielding questions from newsmen, said the continuous dependence on petroleum as the major source of revenue was an unhealthy development that needed to be addressed.

“ What we are set out to do is to ensure that we are diversifying the economy away from oil as the main foreign exchange earner with our special economic zones which we have in all the six geopolitical zones.

“ These are what we know will bring in the type of investments in industries that we expected, and will produce sufficient number of jobs for our youth.

“We are doing same with our agro-allied and its whole value chain which is very important. We are becoming self-sufficient in so many agricultural produce,” he said.

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According to him, government is working with the Brazilians in the agro-industrial sector with a view to opening up several service centres that will benefit Nigerians technology-wise.

“Ones we are able to establish all these, we think our economy will take off in the right direction; we are investing considerably in the agro-industrial sector.

“This is an area where many young people who have interest and are pushing the boundaries are doing exceedingly well,” he said.

Osinbajo, who is the head of the National Economic Council (NEC) also commended his team for piloting the affairs of the economy in the right direction.