The government must diversify the economy if Nigeria is to survive falling global oil prices, World Bank Vice President and Treasurer, Arunma Otteh, said on Monday.
She said Nigeria ranks 152 out of 188 in the Human Development Index, and ranks below the average for sub-saharan Africa.
Otteh spoke in Lagos while delivering the inaugural Philip Asiodu Lecture Series, with the theme: “The proper role of oil in the context of accelerating growth and development in Nigeria.”
It was organised in honour of a former diplomat and Minister of Petroleum Resources, Phillip Asiodu.
Life expectancy in Nigeria, Otteh said, is 53 years, eight years lower than in Ghana and 21 years lower than in Brazil.
On corruption, Otteh referred to the Transparency International’s 2015 report which placed Nigeria on 136 out of 168 most corrupt countries.
This, she said, affects the flow of foreign direct investment (FDI) to the country.
“Nigeria rapid GDP growth over the past decade has not translated into strong human development and competitiveness compared to the rest of the world even when compared to many of its Sub-Saharan African peers,” she said.
Otteh said Nigeria can no longer depend only on earning from oil, which now sells for as low as $26 per barrel, and which accounts for 95 per cent of the country’s foreign exchange.
“Given the level of price uncertainty and Nigeria’s dependence on oil, it is all the more important to diversify away from oil,” she said.
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