Business Executive Blames Nigeria’s Economic Woes On Resources Under-Utilisation

A Nigerian business executive based in the United States, Jerry Wonodi, has blamed the economic setbacks in Nigeria and other African countries on the under-utilisation of mineral resources despite huge deposits.
Noting that Nigeria’s mineral sector offers robust economic potential for diversification of the nation’s economy, he said, like many other African countries, Nigeria has continued to suffer under-utilisation of their mineral resources.
Wonodi, an Ikwerre-born diasporan business executive, who disclosed this to aviation correspondents at the Port Harcourt International Airport, explained that the issue has accounted for the slow pace of socio-economic development in Nigeria and many African countries.
“Our country is known to operate a mono-economy in which oil accounts for almost 90percent of the foreign exchange earnings”, he said.
He also stressed the role of the private sector the building Nigeria’s economy, as they own and operate  commercial mining entities and businesses in the country.
He, therefore, called on geoscientists and other private business stakeholders to support the government’s policies and efforts in diversifying the nation’s economy, using the mineral sector as one of the key drivers.
Wonodi also  identified mining and agriculture as viable options in its effort to diversify the nation’s economy from dependence on oil and gas.
He said if the government had the political will to diversify the economy, the unemployment issue and productivity in the country would be drastically transformed.

By: Corlins Walter