ABUJA/Nigeria: Peoples Democratic Party (PDP) Chieftain, Chief Sunny Onuesoke had said that nigeria went into recession, because she failed to build strong economic base over the years, as he advised that political restructuring is not sustainable without socio- economic restructuring through diversification of the economy.
He said restructuring will amount to zero if there is no socio-economic diversification along with the restructuring.
Onuesoke who spoke in a workshop titled, “Benefit of Restructuring Nigeria” in Abuja recently explained that the economy also needed revolutionary measures to consciously bridge the worsening gap between the rich and the increasing mass of the poor Nigerians.
He said with the fall in prices of crude oil in the international market and the move by some countries to get rid of gas-powered vehicles in favour of electric cars and so on, it would be very important for Nigeria to diversify her economy in the course of restructuring.
Onuesoke advised that revenue from oil should be invested in industrialization and other economic development so that Nigeria would have sound economy which would be a platform for restructuring to succeed.
“This has become necessary given the fact that oil is fast losing value in the global market and the nation’s economy will be in grave peril, if nothing is done urgently. Besides, Nigeria has over the years been accused of paying lip service to the issue of diversification. I think that now is the time for the holders of this opinion to be proved wrong,” he stated.
Onuesoke argued that whether PDP or APC government for there to be successful political restructuring of the country, the economy, health sector, security and sectors must equally be diversified and improved upon , adding that in actual sense political restructuring should be forty five percent, while socio-economic restructuring should fifty five percent .
He recalled that the country was in recession because it had failed to build a strong private economy over the years and also failed to create an economy based on industries.
“It can be safely said from the foregoing that the nation’s development lies in agriculture and the manufacturing sectors. To this end, more than anything else, the country must think beyond oil, develop other sectors like solid minerals, tourism, and agriculture, in order to stave off the looming threat of oil revenue loss and realise its full economic potential. If this is achieved, restructuring will be successful,” he advised.