For ‘n’ years, where ‘n’ is not less than 30 years, we had complained that we had a mono economy where oil was everything.
But we were “shocked” to see that we now have a fairly diversified economy, led by services at 52%, where oil’s Contribution to GDP has declined to 14% from over 33% in the hey days! and that even Agriculture had declined from its dominant 42% to 22% because of growth in Manufacturing which has climbed from less than 4% to about 7% and such services as Telecommunications and Entertainment taking up measurable positions on the GDP grid at 8.69% and 1.42% respectively.
It is not yet déjavu as we still depended on Crude oil and Gas for about 70% of
National Income until the recent crash of oil prices which has now moved our non-oil revenue to about 47% of the 2015 Budget proposals, bringing oil revenue to a healthier 53%.
National Income until the recent crash of oil prices which has now moved our non-oil revenue to about 47% of the 2015 Budget proposals, bringing oil revenue to a healthier 53%.
If all this are not as a result of Sound economic policies, some of which were started by the Previous Governments, then tell me what is.
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