The Special Adviser to President Muhammadu Buhari on Economic Matters, Ambassador Adeyemi Dipeolu, has said that the country must embrace new economic models for her to achieve its potentials and be able to compete with the other nations of the world.
Dipeolu stated this on Tuesday while delievering the convocation lecture at the Lead City university, Ibadan.
He said Nigeria has to invent new economic models in terms of trade, investment and ideas that are used in economic development, adding that the country is facing tough economic times because the country failed to prepare during “the oil boom period.”
“Our economic progress has been based on the passive dependent on external world. Nigeria is still recovering from the hangover induced by the oil boom.
“Often in the past, our economy has been based on global oil prices amongst others. Many of us instinctively hope that our economy would be bailed out but with them sheer evolution in the United States, there is likely to be a fall in the oil market.
“Also, the desire to protect the environment due to climate change is going to intensify the use of less Carbon. Oil prices are still going to go lower to nothing; over 50 percent of cars on the road in Norway are electric cars. The future is already here ” he said.
He noted that as a result of globalization and failure to adapt with the changing world amongst nations and individuals, there has been an increase in inequality, lack of opportunities, resort to violence and a strong desire in young people to express their anger by spreading fake news on social media.
Dipeolu, however, said all hope is not lost, stressing that in any crisis there is always an opportunity.
His words:” As a nation and individuals, we should not be discouraged in times of crises but rather remain optimistic, resolute and clear-eyed in order to see the opportunities and many opportunities abound today.”
He added that there are up to 83 million jobs that can be relocated to Africa from China alone, saying Nigeria must move on value chain and strengthen jobs in manufacturing.