Diversifying Trade – AMJON Advocates Non-Oil Solutions for Nigeria’s Economic Growth
In a significant conference organized by the Association of Maritime Journalists of Nigeria (AMJON), the focus was squarely on Nigeria’s economic revitalization through non-oil trade. Led by AMJON President Paul Ogbuokiri, the event addressed critical issues under the theme: “Rebuilding Nigeria’s Economy Towards a Viable Trans-Border Trade.”
In his opening statements, Ogbuokiri emphasized the urgency of steering Nigeria’s economy away from its overdependence on oil, harking back to the early days of independence when non-oil trade played a pivotal role.
Highlighting the deliberate choice of the conference theme, Ogbuokiri pointed to the nation’s monolithic economy in dire need of solutions to lift it from its current crisis. He expressed deep concern about Nigeria’s unfavorable balance of trade, attributing it to an excessive reliance on oil and a perceived lack of concern by relevant authorities.
“The shock has become permanent because our crude oil has become encumbered,” Ogbuokiri stated, highlighting the significant portion used to service debts and the rest allegedly squandered or misappropriated. This situation, he explained, leaves the nation with minimal foreign exchange to fund both essential and non-essential imports.
Commending the efforts of President Bola Tinubu’s administration in addressing economic challenges, Ogbuokiri stressed that non-oil exports held the key to Nigeria’s economic progress, especially concerning intra-African trade. He lauded the collaborative efforts between Nigeria and its neighboring countries in facilitating transborder trade, foreseeing that such partnerships would help identify and overcome trade impediments.
As the conference unfolded, it became evident that the emphasis on non-oil trade aligns with a broader strategy to diversify Nigeria’s economic portfolio. The discussions underscored the need for proactive measures to unlock the potential of alternative revenue streams, reduce dependency on oil, and foster mutually beneficial relationships with neighboring nations for sustained economic growth.
AMJON’s conference serves as a clarion call for a strategic shift in Nigeria’s economic trajectory, emphasizing the significance of non-oil trade as a catalyst for sustainable development and economic resilience.
