Business
Non-Oil Sector Contribute More To GDP –Ex-CBN Chief
A former director at the CBN, Mr Titus
Okunronmu, on Tuesday said that the non-oil sector contributed more to the
country’s GDP than the other sectors in 2011.
He said this in a budget implementation
summit organised by the Brain Mynd Institute in Lagos.
He advised the Federal Government to
diversify the economy so that the other sectors could also contribute more to
the GDP.
Okunronmu said that the 2011 budget failed
to tackle unemployment in spite of the N50 billion earmarked for jobs creation.
“The inability of the fund to impact on
employment generation has contributed to the increase in the poverty rate in
the country,’’ he said.
The former director in the apex bank said
that government should work towards reactivating the real sector, adding that
the country should no longer depend too much on the oil sector.
He advised government to allocate more
funds to capital projects for the development of the infrastructure.
He also said that good infrastructure would
attract foreign investors into the country and consequently provide jobs
opportunities.
Okunronmu said that recurrent expenditure
should be drastically reduced, while corruption in federal ministries should be
checked.
He said that this would also stem inflation
and make the projected GDP growth rate of 7.2 per cent achievable.