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Experts are urging Nigeria to unlock the untapped potential in its non-oil sectors to achieve sustainable economic growth and reduce reliance on oil exports. Despite efforts to diversify, Nigeria's economy remains heavily dependent on oil, which accounts for over 80% of foreign exchange earnings and government revenue.
Sectors like agriculture, solid minerals, manufacturing, and services offer tremendous opportunities for diversification and job creation. However, challenges such as inadequate infrastructure, limited access to credit, and policy inconsistencies have hindered the growth of these non-oil sectors. Addressing these issues through targeted investments, supportive policies, and public-private partnerships is crucial for unlocking the full potential of Nigeria's non-oil economy and reducing its vulnerability to oil price fluctuations.
Citations:
[1] https://core.ac.uk/download/pdf/234669895.pdf
[2] https://www.verivafrica.com/insights/nigerias-non-oil-sector-a-path-to-sustainable-growth
[3] https://dc.cbn.gov.ng/cgi/viewcontent.cgi?article=1212&context=bullion
[4] https://www.scirp.org/journal/paperinformation?paperid=102453
[5] https://punchng.com/agric-exports-how-nigeria-can-regain-its-top-status/
[6] https://ecsdev.org/ojs/index.php/ejsd/article/download/1163/1146/2277
[7] https://www.pwc.com/ng/en/assets/pdf/unlocking-ngr-agric-export.pdf
[8] https://www.arise.tv/unlock-potential-in-nigerias-non-oil-sector-shettima-urges-investors/
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