BY Francis Akinnodi

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An Economist, Elder Fessy Olabode has advocated that Nigeria must discontinue its dependence on crude oil to guarantee public revenue and foreign exchange.
Olabode said the country needs to utilize other economic potentials in order to move out of economic recession.
He also stated that other sectors of economy cannot be left behind while utilizing available tools to ensure the development of the country to attract foreign participation.
According to him, “Government must continue to promote youth empowerment not only through sporting events, but also through development of finance initiatives and schemes.
“Programmes like Youth Entrepreneurship Development Scheme, Micro Small and Medium Enterprises Development, Agri-Business and Small and Medium Enterprises Investment Scheme among others have been introduced towards reducing unemployment and engaging the youths.
“However, I urge Nigerians to take hold of these opportunities to contribute to the country’s growth and development.”
He urged Nigerian government to save for the rainy day; saying over dependence on crude oil would continue to worsen the economy than good.
“Before the discovery of the crude oil, Nigeria was comparative in cocoa and palm oil production among others which earns the country foreign exchange.
“So as a country, we must look inward; develop other sectors of the economy for productivity. Nigeria must build structures that would aid production; provide stable electricity, good security, job opportunities, good infrastructures among others,” he said.