Folohunsho Alakija calls on Nigerian government to embrace diversification and provide power supply to scale up the economy


Over the years, the Nigerian economy has been driven almost entirely on returns from Oil. As event unfolds, there has been a great concern over the overdependence on the economy on the oil.

With recent researches by expects, there is a prediction that the Oil will clean up in coming years, and the need to prepare ahead. In order to tackle the economic instability that the result might throw the nation, series of suggestions and recommendations have been put forward by experts from various fields.

According to the Executive Director of Famfa Plc, Madam Folorunsho Alakija, there is an urgent need to shift focus from Oil if Nigeria’s economy must be sustained during the eventualities of the un-prayed doom.

She stated this, in her keynote speech at the final recording of Inside Out with Agatha on Friday, 4th of August, where she appeared as special guest of honour to mark the 20th anniversary of the programme with Agatha.

During her speech, she noted that serious attention needed to be devoted to the provision of a steady power supply as the lack of power in the country has not been helping growth or the attraction of a pool of foreign investors.

“The development of other sectors of an economy is largely dependent on stable power supply and not the epileptic power supply that we are currently experiencing in Nigeria.

“Therefore, our government needs to resolve all issues pertaining to electricity generation for meaningful development of non-oil sector and the diversification of the economy to take place.

“All policies that have stifled the availability of stable power supply to important zones, important states and important industrious areas need to be reviewed.”





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