Dependence On Oil Revenue Not Good For Sustainable Growth –Expert

Henry Oroh, Executive Director of Zenith Bank, said that Nigeria's dependence on oil revenues for its foreign reserve will not help sustainable growth in the country. Oroh, while talking to CNBC Africa at the International Trade Seminar, emphasized the need for Nigeria to diversify in order to reduce its over-dependence on crude oil.

He said, "We all know that our country has been excessively dependent on oil.' Oil accounts for more than 94 per cent of our foreign exchange revenues, and that is not great for sustainable growth and diversification of the economy.' The country has abandoned its other sources of revenue, such as palm production and cashews, to concentrate on oil.

Once we have diversity in the non-oil sector, we will be creating opportunities for employment. We will be growing small and medium-sized businesses and the numerous value chains that come with it. Also crime will be minimized as youth unemployment will be reduced.