“However, the oil sector continues to play a leading role in the generation of foreign exchange and a significant role in the generation of government revenue. This underscores the persistent productivity challenges which have continued to characterise the non-oil sector of the economy. The non-oil contribution to our export earnings is still less than five per cent.”
The statement added that the power sector reforms should be reviewed to improve efficiency and productivity in the industry. It stated that the challenges in Nigeria’s electricity supply chain should be urgently addressed, from gas to power transmission, distribution, energy pricing, metering, and the capacity of the distribution companies.
It further noted that notwithstanding the fact that the Nigerian economy had been out of recession since the fourth quarter of 2020, the oil and gas, oil refining, textiles, electricity, gas and steam engines had remained in recession.All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.
We are getting better in those areas ,the economy is expanding
We all sit around, complain and moan about things getting worse but nobody, including our big brains, is willing or ready to go and work hard to get the knowledge needed to move us forward. We want everything but are willing to give nothing. Life has stopped serving free lunch!
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