See America's 'Economic Dream' For Nigeria
America believes Nigeria’s economy has the capacity to grow beyond its present state but to do that, it must focus on agriculture.
America's dream does not include regular hoe and cutlass activities but on the processing value chain that will drive export.
This piece of advice came from Harry Sullivan who is the Acting Director for Economic and Regional Affairs at the U.S. Embassy.
He said Nigeria’s over-dependence on oil could hinder economic growth; therefore, there is need for real diversification.
Sullivan also said that there is need to seek update on U.S. economic policy in Africa and efforts towards expanding trade and investment under the African Growth and Opportunity Act (AGOA).
AGOA is a scheme initiated by the U.S. government in May 2000 to assist the economies of sub-Saharan Africa and improve economic relations between U.S and the region.
“Nigeria is actually one of the biggest African markets, it recorded remarkable growth in the trade relations in 2017, but most from the oil sector.
“It went from about $3.4 billion to $6 billion from the oil sector and also looks at other areas such as the agriculture sector.
“They indeed had some growth in agriculture sector but the contribution to GDP is small which is from $3 million to $9 million dollars in 2017, when compared to oil export,” he said.
He added that “the key for Nigeria is diversification, which is always interested in oil, but I think in order to spread well, Nigeria needs to diversify to other sectors”.
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