Abuja: Prof Maxwell Gidado, a constitutional lawyer, has called for the aggressive diversification of Nigeria’s economy away from crude oil to non-oil ventures, saying crude oil-dependent nations face a bleak future. According to him, the current reality in global demand for, and price of oil, gives credence to this fact.
According to News Agency of Nigeria, Gidado, who is also an advocate of restructuring, spoke in an interview where he expressed that a Nigeria without oil, once considered a myth, was fast becoming a reality. He mentioned that global experts have predicted the imminent end of the fossil fuel era as the backbone of national economies.
Gidado cited the United Kingdom and France’s plans to ban diesel and petrol cars by 2040 as examples of the shifting landscape. He further highlighted that analysts anticipate a significant drop in oil demand after 2025, with the mainstream adoption of battery-powered cars.
“According to International Energy Agency (IEA), China, the world’s biggest car market, is contemplating a similar move, which would have a significant impact on oil demand,” he said. The IEA also noted that other countries like India, Norway, and at least 10 others are considering such bans.
Gidado emphasized that this analysis underscores a grim future for nations heavily reliant on oil revenues unless they diversify into non-oil ventures. He lamented that Nigeria continues to depend heavily on oil as its primary economic revenue source.
Despite this, Gidado pointed out Nigeria’s immense agricultural potential. He explained that the country’s production of tomatoes, carrots, cabbages, cucumbers, tubers, grains, livestock, and dairy not only feeds most Nigerians but also holds substantial unexploited export potential.
Gidado concluded by stressing that Nigeria could rank among the world’s wealthiest nations if it diversifies and restructures its economy, alongside implementing effective agricultural policies.
