News
Industrialist Regrets Over Dependence On Oil
An industrialist, Chief Femi Deru, yesterday said that values of entrepreneurship, professionalism, integrity and hardwork had been relegated to the background in Nigeria because of over reliance on crude oil.
Deru, president of the Lagos Chamber of Commerce and Industry (LCCI), made the observation in Ijebu-Ode on Thursday at the maiden summit of Ijebu professional Excellence foundation.
The theme of the conference is “the Outlook of Nigerian Economy.”
Deru said that heavy reliance on crude oil had brought a big setback to the Nigerian economy.
He said that due to heavy reliance on crude oil, which he described as a non-renewable resource, professionalism and hard work had been ignored over the years.
Deru noted that the Nigeria economy had evolved since independence from an agrarian economy to an oil-dependent economy.
He said that agriculture and manufacturing had progressively moved out of reckoning to contribute less than five per cent to the national output.
The industrialist said that agriculture and solid mineral sectors, which used to be the mainstay of the economy, had suffered from a long period of neglect.
According to him, “the discovery of oil in Nigeria changed the character of the economy and commercial development in the country.”
“It has caused the abandonment of agriculture and agro-allied industries which have the potential of increasing our gross domestic product and provide employment for greater number of the citizenry.
“The way forward for our economy is to do everything possible to encourage entrepreneurs and professionalism.
“This is the way to go if we must diversify our economy; create jobs; reduce unemployment; minimise criminality and above all, advance the welfare of our people.
“For this to happen, government must create the right environment for businesses to thrive.
“Tackle the problem of infrastructure, the quality of public institutions, ensure and investment-friendly financial system and foster the right policy environment,” Deru said.
He said that the country needed strong economy to support its democracy, create jobs and alleviate poverty to guarantee security and easy social tension.
Deru called on the government and private sector operators to continuously emphasise values of entrepreneurship, hardwork, professionalism, excellence and integrity for a stronger economy.
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