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COVID -19: Time to diversify Ngeria’s economy | By Abba Dukawa
Published
6 years agoon
Following the collapse of crude oil prices from 2014 to date , which triggered unpleasant memories to Nigerian government which found itself in unchartered waters. Since then Nigeria continues to struggle to revive the economy amidst dwindling oil revenues compounded by unemployment, poverty and insecurity all due to over dependant on one major government revenue, the country remains weak and fragile -being outstripped by population growth.
Who is to be blamed for this mess ? Provocative policy of the Nigerian government is the dependence on oil resources as a source of foreign exchange earnings to the detriment of agriculture despite the fact that the country is blessed with untapped mineral resources. With outbreak of the coronavirus, which has puts global economy in uncertainty again, Nigeria’s economy is being caught in the cross-hairs.
Nigeria the so called Africa’s largest economy cannot currently fund its budget due to Covid – 19 because the budget passed with a benchmark oil price of $57 per barrel—nearly double its current price of around $28, knowing fully well that the government relies heavily on petrodollars. It is now unarguably, the collapse of oil prices not only pose a strategic danger to the global economy but it has been danger to Nigeria’s economy development and also a catalyst behind national domestic predicaments.
Absolutely there is lack of foresight from our leaders for not save as much as possible especially when the crude oil price reached its peak but Nigeria Forex reserve is about $37billion and can finance 4months of imports max. Even before Covid -19 pandemic Saudi threw OPEC members under the bus because Russia refuses to cut production to prop price up.
Saudi flooded the market and offered discount to buyers. Russia refused production costs because it thinks; cuts empower Shale producers in America. Now Nigeria have about more than 50cargoes of oil floating on international waters without buyers. A cargo contains about 2 million barrels of oil.
Now Nigeria is facing severe challenges. Oil price volatility is accentuated by rising commodity prices, possibly the devaluation of the naira against the U.S. dollar. It s time for economy diversification.
Regards to diversification of the economy there is need for Federal government to develop the country untapped minerals. Despite this huge opportunity still domestic mining industry is underdeveloped, leading to Nigeria having to import minerals that it could produced domestically. With recent economy woes federal government should, as a matter of fact shift from mono economic policy to ensure that non-oil sector growth has translated to improvements in government revenue.
Had it been that past and present leadership prioritise other non oil sectors with the way the nation’s telecommunications sector liberalize definetly the country economy will improve because there is no state in Nigeria with less than 10 untapped different mineral resources.
Had it been that they did the needful for long the country will set itself free unless federal government develop the country untapped mineral industry, modernise the agricultural sector and develop the tourism industry. Just from iron ore , expert says Federal Government can make $280 billion from the mineral annually more than what the country earned from crude oil.
According to 2018 report of geology and mineral resources of Nigeria estimated Nigeria’s iron ore deposit to reach three billion tonnes, coal, three billion tonnes while lead and zinc are to reach 10 million tonnes each. Federal Government can make a lot of money from mining, if it is exploited and invest into coal, gold, tantalite, and cassiterite to shore up revenue.
Dukawa, a public affairs analyst, writes from Kano
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2027: APC Oyo South ratifies Oseni’s senatorial bid
Published
10 hours agoon
April 23, 2026By
Mega IconLeaders and stakeholders of the All Progressives Congress (APC) in Oyo South Senatorial District have endorsed a member of the House of Representatives, Aderemi Oseni, as their consensus candidate for the 2027 senatorial election.
The endorsement was announced on Wednesday at a stakeholders’ meeting held at Alice Hall, Ibadan, with party leaders, stakeholders, local government chairmen and state executive members from the nine local government areas in attendance.
The councils represented at the meeting are Ibadan North, Ibadan North-East, Ibadan North-West, Ibadan South-East, Ibadan South-West, Ibarapa Central, Ibarapa East, Ibarapa North and Ido.
The stakeholders expressed satisfaction with Oseni’s aspiration, describing it as timely, credible and anchored on tested leadership and grassroots appeal.
Those present at the meeting included Chief Timothy Jolaoso (Ibarapa East); Alhaji Kamorudeen Ajisafe (Ido); Chief Abdulrauf Bello (Ido); Alhaji Muili Oluokun (Ibadan North-West); Alhaji Mufutau Adisa (Ibadan South-East); Alhaji Bello Oladeji (Ibadan North); Prince Gbade Lana (Ibadan North-East); Engr. Olatunji (Ibadan South-West); Comrade Wale Gbadamosi (Ibarapa North); and Alhaja Moji Adetona (Ibarapa Central).
Other party officials in attendance were the senatorial chairman, Alhaji Mojeed Adebayo; the secretary, Fatai Adesina; Welfare Officer, Sunday Babalola; Deputy Women Leader, Alhaja Fatimah Hassan; Auditor, Alhaja Tinu Adigun; Youth Leader, Lekan Adebayo; Ex-Officio member, Kola Amoo; Treasurer, Lateef Ajiboye; and Senatorial Youth Leader, Olalekan Olowe.
A chieftain of the party in Ibadan North Local Government, Hon. Shina Alabi, moved the motion for the lawmaker’s endorsement, which was seconded and unanimously adopted by the stakeholders.
Alabi said Oseni’s decision to abide by President Bola Tinubu’s directive to step down his governorship ambition for the senatorial race underscored his loyalty and commitment to party unity.
He said, “Hon. Oseni has demonstrated uncommon commitment to the welfare of the people. His leadership style is inclusive, responsive and development-driven. We are convinced that his emergence as the APC candidate for Oyo South Senatorial District will strengthen the party’s chances and guarantee effective representation.”
He also urged party members to remain united and rally behind credible aspirants with proven capacity and electoral value.
In his remarks, Hon. Aderemi Oseni said his decision to pursue the senatorial seat followed the presidential directives, noting that he accepted the decision in the interest of party cohesion, progress and stability. He recalled that he had earlier prepared for the Oyo South senatorial race in the 2023 general elections, having already purchased the nomination and expression of interest forms as part of an arrangement reached, before stepping down following appeals by party leaders.
The lawmaker, who chairs the House Committee on the Federal Roads Maintenance Agency (FERMA), said the party must close ranks to reclaim political dominance in the senatorial district.
According to him, “There is a huge task ahead, especially with several House of Representatives seats in the district currently held by the opposition. We must work together, mobilise effectively and secure victory for our party and leader, President Bola Tinubu”.
Oseni thanked party leaders and stakeholders for the confidence reposed in him and assured them of his commitment to advancing the interests of Oyo South Senatorial District.
The meeting also had representatives from all nine local government areas, with about 10 leaders from each council in attendance.
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APC Secretariat Violence: Oyo Lawmaker Denies Assault, Alleges Smear Campaign
Published
2 days agoon
April 21, 2026By
Mega IconThe lawmaker representing Akinyele/Lagelu Federal Constituency of Oyo State, Olafisoye Akinmoyede, has denied allegations of violence at the All Progressives Congress (APC) state secretariat, describing claims that he assaulted a party member as false and politically motivated.
An online platform, IMPARTNEWSNETWORK, had alleged that Akinmoyede assaulted one Gafar Oyebade during a meeting convened by the state chairman of the party, Alake Adeyemo, to resolve issues surrounding the executive list of the APC in Lagelu Local Government Area.
However, Akinmoyede, in a statement on Tuesday, said the meeting was peaceful and attended by key members of the state executive, including the chairman, deputy chairman, and secretary, who witnessed the proceedings.
He clarified that contrary to Oyebade’s claim of being the party secretary, the official list presented by the state leadership recognised him as the Public Relations Officer.
According to the lawmaker, following the clarification, the state executive directed the Lagelu Local Government chairman, Fatai Awoyoola, to proceed with the swearing-in of other party officials.
Akinmoyede also faulted attempts to link the incident with the 2019 killing of a former federal lawmaker, noting that a court of competent jurisdiction had already ruled on the matter.
He said, “In Suit No. I/70c/2019, delivered by Justice Mufutau Adegbola on January 23, 2020, all those accused were discharged and acquitted.”
The lawmaker expressed concern over what he described as a deliberate attempt to mislead the public, alleging that Oyebade, a public school teacher under the Oyo State Government, should not be involved in partisan politics.
He described the allegation as a “recycled script” aimed at tarnishing his image ahead of political activities, urging constituents to remain calm.
Akinmoyede also called on journalists to verify information before publication and urged security agencies to take action against individuals who file false reports.
“These tactics surface every election cycle. Those behind them should learn to accept the outcomes of political processes. They failed before and will fail again. Power comes from God,” he added.
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Oyo Reps Member Denies Assault, Dares APC Chieftain to Prove ‘Hospitalisation’ Claim
Published
3 days agoon
April 20, 2026By
Mega IconThe lawmaker representing Akinyele/Lagelu Federal Constituency in the House of Representatives, Hon. Olafisoye Akinmoyede, has denied allegations of assault levelled against him by a member of the All Progressives Congress (APC) in Lagelu Local Government Area, Mr. Gafar Oyebade.
Akinmoyede described the allegation as “false” and “a lie taken too far,” insisting that no physical altercation occurred.
The denial was contained in a statement issued on Monday by his Legislative Aide, Dr. Isiaq Akintunde.
Oyebade had alleged that he was hospitalised following a confrontation during a meeting held at the office of the state party chairman in Oke-Ado, Ibadan, convened to resolve a leadership dispute in the local government.
But the federal lawmaker maintained that the meeting was peaceful and attended by top party officials.
“The meeting was convened to clarify Mr. Oyebade’s position within the local executive, and it was attended by the State Party Chairman, his deputy, the secretary, the publicity secretary, and other key state executives, all of whom witnessed the peaceful proceedings,” the statement read.
He added that contrary to Oyebade’s claim of being the party secretary, the official list presented by the Lagelu Local Government Party Chairman, Hon. Fatai Awoyoola, identified him as the Public Relations Officer.
According to Akinmoyede, the state executive thereafter directed Awoyoola to proceed with the swearing-in of the remaining members of the local government executive.
The lawmaker accused Oyebade of fabricating the allegation to advance political interests.
“I wonder why Mr. Gafar Oyebade, a secondary school teacher, would claim he was assaulted in the presence of the State Executive. This is an attempt to justify money allegedly collected from an aspirant to tarnish my image,” he said.
Akinmoyede further claimed that Oyebade was seen walking freely after the meeting and was not hospitalised as alleged.
He also raised concerns over Oyebade’s involvement in partisan politics, noting that civil servants are restricted from active participation in political activities.
The lawmaker called on security agencies and the media to investigate the incident at the party’s Oke-Ado office to ascertain the veracity of the claims.
Efforts to reach Oyebade for comments were unsuccessful as of the time of filing this report.
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