Amidst rising concern over possible decline in the price of crude oil, Nigerian government has been urged to diversify its sources of revenue in order to reduce its dependence on oil revenue.
World Bank Country Director, Ms Marie Francoise Marie-Nelly said, so far, the government survives mainly with oil revenue which accounts for over 90 percent of exports and well over 70 per cent of consolidated government revenues.
Amidst rising concern over possible decline in the price of crude oil, Nigerian government has been urged to diversify its sources of revenue in order to reduce its dependence on oil revenue.
World Bank Country Director, Ms Marie Francoise Marie-Nelly said, so far, the government survives mainly with oil revenue which accounts for over 90 percent of exports and well over 70 per cent of consolidated government revenues.
Marie-Nelly told Economic Confidential that "as oil resources are not indefinite, it is important for Nigeria to plan now what it wants to be after tomorrow."
For her, the issue is how Nigeria can use the available oil resources to invest and prepare itself for the non-oil economy period. "We think the Agricultural sector is very important for Nigeria. Today Nigeria is importing 2.5 million tons of milled rice annually", she said.
International Energy Agency (IEA) said oil prices may nosedive in months ahead and revenue from crude oil export from Nigeria and other oil producing countries will slide following plans by United States and major buyers to tap into their oil reserve as strategy to push oil price down.
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