As the price of crude oil in the International market continues to rise in recent times, Nigeria has not been able to reap appreciable economic benefits.
The News Agency of Nigeria (NAN) reports that price of crude oil, the country’s main revenue generating resource, had been on the increase due to the Russian-Ukrainian conflict, rising above 100 dollars per barrel.
But Nigerians continue to grapple with low revenue, depreciating Naira and dependence on debt to finance budget deficits and capital expenditure.
NAN recalls that the Minister of State for Petroleum Resources, Timipre Sylva, had said that the increase in prices of crude oil was not in the best interest of Nigeria.
He cited massive crude oil theft in the Niger Delta as responsible for the precariously low gains from high crude oil prices.
Some analysts, however, suggested that neglect of the industrial and manufacturing sectors of the Nigerian economy is a major bane of its economic growth.
A financial expert, Mr Okechukwu Unegbu, urged the Federal Government to take urgent steps to revive the manufacturing sector so as to boost the local economy.
Unegbu told the NAN that the absence of a vibrant industrial and manufacturing sector in the country had exacerbated various economic challenges, like rising inflation and an unstable currency (Naira).
According to him, the priority for government and its relevant agencies is to help the industries to start producing again.
“Production and manufacturing of essential goods will stop the dependence on imported goods, and go a a long way in revamping the economy and strengthen the Naira.