Mr. Bashir Wali, Acting MD/CEO, NEXIM Bank receiving a plaque of honour from Mr. & Mrs. AdegboyegaAwomolo (SAN) at the 3rd Edition of AdegboyegaAwomolo& Associates Annual Colloquium, which held on October 4, 2016 at Shehu Musa Yar’Adua Centre, Abuja
Mr. Bashir Wali, Acting managing Director, Nigerian Export-Import Bank (NEXIM) says Nigeria must move away from the dominance of oil in order to achieve sustainable economic growth and development.
Wali said at the 3rd edition of AdegboyegaAwomolo Annual Colloquium in Abuja that the International Monetary Fund (IMF) has also advised that given that oil is an exhaustible resource, oil producing countries need to develop other sectors to take over as oil and gas resources dwindle.
‘The key lesson from the foregoing is that Nigeria must move away from the dominance of oil to ensure sustainable growth and development. Besides the problem of revenue volatility, the oil sector, being an enclave, is incapable of generating the required jobs to address the growing problem of unemployment – particularly among the youth. Nigeria must therefore redouble its steps towards economic diversification by promoting increased production and exports in other key sectors, particularly agriculture, solid minerals and other sectors that have been identified as key drivers of economic growth.’
The full text of the Speech by Mr. Bashir Wali is reproduced below under ‘FOR THE RECORD’ title.