To stem the tide of poverty Nigeria urged to diversify economy

Date:

Share post:

The Chief Executive Officer of an eponymous transportation consulting firm, Festus Okotie, has called on government to arrest a projected slide of millions of Nigerians into poverty. He suggested diversification of the economy away from overt reliance on oil, and improvement of transportation infrastructure to facilitate growth of other sectors.

Festus Okotie, left, with Steve Baba-eko and a foreign friend

The consultant said data from the World Poverty Clock in 2018 that showed Nigeria has overtaken India as home to the largest number of poor citizens should serve as a wake up call to government. According to the data 87 million Nigerians live below the poverty line compared to Indian’s 73 million. The data foreshadowed the World Bank’s 2019 warning that many Nigerians are on the brinks of extreme poverty.

Read Also: For Insight or trend in the clothing and apparel market click https://hustle24.com.ng/2020/01/13/clothing-apparel-market-product-customisation-expected-to-lead-consumer-sentiment-in-2020/

As solution to the projection of economic doom, Okotie advised, “The direct approach to reduce poverty focuses on the provision of good transportation systems, regular power supply, basic education, nutrition, health, access to employment and product markets for the poor which arises from recognition that the very poor generally do not have sufficient resources to meet basic human needs”.

He added, “There is urgent need for the effective diversification of the Nigerian economy at all levels, this also includes the economy of the states and local governments.”

For him the presidency, governors and counsellors must approach governance as a business. He said that will help them have a sense of investment, and strengthen focus on profits. When this orientation sinks, government will begin “to add value to the economy and lives of the people”.

However, Okotie highlighted that investment opportunities abound for both local and foreign investors in the transportation sector. He mentioned investment fields such railway, airway, pipeline, maritime and land as opportunities to tap as the diversification of the economy drives increased movement of people, goods, services and mineral sources.

Toyin Afilaka
Toyin Afilaka
Toyin Afilaka writes with simplicity and insight. He aims to enrich the Nigerian small business landscape. Through Hustle24 he connects entrepreneurs with information about new policies, enterprise solutions and opportunities that will aid their 'hustle'. He has written extensively for CobraReview, a product review portal, and served as a lead project manager for MarketingMix where he consulted as PR consultant for MTN Project Fame and Business Next Titan etc.

LEAVE A REPLY

Please enter your comment!
Please enter your name here
Captcha verification failed!
CAPTCHA user score failed. Please contact us!

Related articles

Three (3) ways to position for AI recommendations

Artificial intelligence is evolving fast as a tool for planning, reasoning and making decisions. I read about someone...

Product innovation or renovation? Your brand need, and three (3) ways to renovate

It is important to distinguish between brand innovation and brand renovation. Understanding the difference that exists between the...

Women Empowerment: Olam Agri celebrates 1,004 graduates of its baking academy

Olam Agri has been commended for its sustained investment in women’s economic empowerment as its Crown Flour Angels...

Five Ways to release energy in your business team

All thriving businesses have energy flowing through the team structure. Employees are rejuvenated and optimistic, pretty much looking...