Ex-Ambassador Calls for Functional Diversification to Rebrand Economy

Former Nigerian ambassador to the Philippines and veteran broadcaster, Dr. Yemi Farounbi was among prominent Nigerians who reiterated the call for functional diversification of the Nigerian economy, otherwise the tightened economic situation would remain unabated.

Other speakers who featured during the inter-faith religion symposium organised to mark Shafaudeen 2017 Ishrat are, Dr. Kunle Olajide, former Secretary General of the Yoruba Council of Elders, Prof. Oluwatobi Adeokun, former Provost College of Agriculture, Olabisi Onabanjo University, Comrade Laoye Sanda, a public commentator and social activist, and Prof. Sabit Ariyo Olagoke, Convener and Grand Imam of the Mission, as well as other academics from many tertiary institutions.

Dr. Farounbi who spoke as the Chairman of the occasion, pointed out that the economic situation was not peculiar to Nigeria alone and quickly noted that nations like Malaysia and Philippines experienced theirs which was addressed through diversification of their economies through agriculture and mining.

The former General Manager of the Nigeria Television Authority, disclosed that today, Malaysia could boast of a sound economy because of diversification in agriculture and mining.

He rhetorically asked, why the Yorubas in the South West should rely on tomatoes from the North and yams from Abuja when their own lands could also be utilised, pointing out that the neglect of agriculture because of oil has caused us a lot of problems.

Prof. Adeokun declared that unless we functionally diversified and relied less on petroleum, the worst price of which Nigeria could not determine, the country would continue in its economic recession, with hardship on the citizens.

Prof. Olagoke in his contribution, recommended, “each of the 36 states and the Federal Capital should be allowed to utilise their land resources to produce crops that have comparative advantages; like maize in Kaduna, cassava in Benue, cocoa in Oyo and Ondo, banana in Ekiti, and so on.”

He also noted that effective implementation of functional diversification through value chain concept would not only alleviate destitution, eradicate hunger and drastically reduce poverty but also promote job creation and employment opportunities for high exporting agents and general economic boost for development and state security.

Comrade Olaoye, a social critic, warned that corruption must not be allowed to frustrate the good intentions of those contributing their intellectual and financial resources to bail out the country’s economy from the current economic quagmire in which it found itself.