By Awayi Kuje
Keffi (Nasarawa State) – Gov. David Umahi of Ebonyi State on Wednesday said that agriculture remained the only viable alternative in efforts to diversify the oil-based economy of Nigeria.
He said this in Keffi when he presented on “Nigeria’s Economy Without Oil” at the First Founder’s and Merit Awards Day of the Faculty of Law, Nasarawa State University, Keffi.
Umahi, who was represented by his Senior Special Assistant (Abuja Liaison Office), Mr Joseph Ekumankama, said that for Nigeria to remain economically viable after the oil era, it must look inwards to develop agriculture.
“To make this possible, the sector needs to be revolutionised, from its current peasantry state to a modernised, fully mechanised state, to ensure growth and sustainable agricultural production.
“The most credible option for Nigeria’s economy without oil is agricultural development, although developing the solid mineral sector, revamping the manufacturing industries, promoting tourism and the entertainment sub-sectors are promising contributors to the Nigerian economy in the post-oil era.
“Agriculture is the most prolific in the short to medium term. The future for nations, whose economies are predominantly run on oil revenues, is bleak, except they diversify and engage aggressively in non-oil ventures.
“The Revealed Comparative Advantage (RCA), according to the Institute for International Economics formula, shows that Nigeria has trade comparative advantage in agriculture besides minerals (oil, natural gas and solid minerals).
“It will be recalled that in 2016, Nigeria’s economy went into recession due to the trio factors of drop in oil prices, exchange rate fluctuation and instability in the Niger Delta area, which led to severe cuts in oil production,” he said.
Besides, Umahi noted that over the years, attempts to revolutionise agriculture failed due to certain factors, which included poor funding of the sector by the federal and state governments and poor rural infrastructure.
He said that the other factors were inadequate knowledge of recent developments in extension systems and negative attitudes to agricultural education, among others.
Also speaking, Sen. Abdullahi Adamu, recalled that he established the university, when he was the governor of the state, to ensure development of the education sector of the state.
He said that his government then gave priority to the education sector, considering the importance of education to the socio-economic development of the country.
Earlier, Prof. Sadiq Abubakar, the Dean of the Faculty of Law, said that the faculty decided to organise the event to honour Sen. Adamu, the founder of the university and the faculty.
“Since the establishment of the faculty in 2002, it is fast establishing itself as a centre of high-quality legal education and research. The faculty is one of the most competitive law faculties in the country,’’ he said.
News Agency of Nigeria (NAN) reports that Speaker of the House of Representatives Yakubu Dogara received the “Sir Abubakar Tafewa Balewa Merit Award’’ for his enduring contribution to the advancement of constitutional democracy in Nigeria.
Besides, Umahi received the “Good Governance and Commitment to National Unity Award’’, while Mr Danladi Halilu Envulanza, former Executive Secretary of National Judicial Council, was honoured for his contribution to the administration of justice. (NAN)