Comparative Economy Expert Advises Government on Revenue Diversification

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The Federal Government has been advised to diversify its sources of revenue by resuscitating the Agricultural and other dying sectors of the economy for the attainment of the desired growth and development of the country.

 

An expert in Comparative Economy in the Department of Economics at Elizade University, Ilara-Mokin, Ondo State, Dr. Olabisi Eric Olabode gave the advice while delivering the keynote address at a Seminar organized by the Faculty of Social and Management Science of the University.

Speaking on the topic, “Malaysian and Nigerian Growth Strategies: Lessons to Learn”, Dr. Olabisi revealed that the neglect of the Agricultural and other vibrant sectors that were harnessed profitably at independence has contributed to the stagnancy experienced in the country’s growth and development.

While stating that Nigeria and Malaysia have similar colonial and independence history, Dr. Olabisi informed that Malaysia has recorded a huge success in the diversification of its economy from its dependence on export of raw materials to manufacturing, services and tourism. He added that Malaysia has distinguished itself with the manufacturing of products like vehicle radiators, brake and clutch systems, automotive batteries, oil and lubricants, among others.

The Keynote Speaker lamented that the over-dependence of Nigeria on oil since its discovery in Oloibiri, Bayelsa State in late 1950s, was the genesis of the country’s problems as it has caused ethnic division, corruption and fiscal problem.

He urged the Government to encourage and support mechanized farming, improve infrastructure, power and transportation, promote tourism and manufacturing, among other lessons to learn from Malaysia.

Dr. Olabode also called for respect for cultural diversity, promotion of unity and patriotism, encouragement of self-actualization and the adoption of the principle of meritocracy.

He urged the Government to pursue its New Economic Recovery and Growth Plan (2017-2020) with all seriousness.

In his remarks, the Acting Vice-Chancellor of the University, Prof. Theophilus Fadayomi said that examining Nigeria’s economic progress with other countries of similar history would help put the country on its toes.

 He added that Elizade University would use its experts on comparative economy to proffer solutions to the country’s economic challenge.

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