Nigeria is the largest economy in Africa, with a Gross Domestic Product greater than USD 500 billion. We grew steadily at over 7 per cent per annum between 2005 and 2014, but this growth has been slower in 2015. This growth was driven primarily by the non-oil sectors, such as financial services, telecommunications, entertainment, etc. Foreign direct investment (FDI) inflows have been strong, averaging USD2 billion per quarter since 2013, with over 70 per cent of this in the non-oil sectors. Nigeria’s economy is actually more diversified than it seems, with the oil sector contributing only about 14 per cent to GDP. Nevertheless, we ought to be doing more to diversify with the significant natural and human resources with which Nigeria is blessed. There is no doubt that oil has contributed substantially to Nigeria’s revenue since its discovery in 1956 and more especially, since 1970 when its price was on the upward trend. Yet, oil receipts and their management have challenged governance to the core over time in Nigeria. Deeper economic diversification is an urgent necessity to undertake structural transformation, buffer the domestic economy from externally transmitted shocks and accelerate growth accompanied by job creation. The task ahead of further diversification of the economy is enormous. We do not take it for granted. It will not happen quickly or easily and Nigeria shall be strategic about diversification. We are however encouraged by the strides that have been made in some sectors already. I will use three sectors or categories as examples:
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