Carrington: Nigeria must diversity sources of export earnings

WALTER

L-R: Prof. Ademola Abass, Dr. Dr. Arese Carrington and Amb. Walter Carrington at the event.

L-R: Prof. Ademola Abass, Dr. Dr. Arese Carrington and Amb. Walter Carrington at the event.

Kazeem Ugbodaga

Former United States Ambassador to Nigeria, Walter Carrington says Nigeria must diversity its source of export earnings rather than relying on crude oil earnings alone if it must achieve growth.

He said falling oil prices in 2016 underscored the necessity for oil revenue dependent economies, like Nigeria’s, to diversify their sources of export earnings.

“ If the signs that oil prices may recover prove to be accurate, it is incumbent upon countries like Nigeria to direct more of that revenue to growth enhancing sectors like agriculture, energy and infrastructure,” Carrington said on while delivering a lecture titled: “Nigeria and Africa in a Changing World,”  organised by the Lagos State Office of Overseas Affairs and Investment. It was held alongside the public presentation of a book: “Defend the Defenseless” published by Dr. Arese Carrington.

At the lecture held at the Civic Centre, Victoria Island, Lagos, Southwest Nigeria,  Carrington lamented that Nigeria continued to be frozen out of membership in confederations of nations which were thought to be the most important in the world.

“Although its economy is the 20th largest in the world and is expected by 2050 to rise to number 9, it has not been invited to membership in the G-20, which claims to represent the world’s most advanced economies. Nigeria is not regarded as influential enough internationally or regionally to be included in the company of Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom and the United States.

“South Africa whose economy is smaller and is not expected to grow as dramatically as Nigeria’s, is however, a member. I continue to wonder whether the continuing domination of South Africa’s economy by her white minority gives Western countries a comfort level that they do not feel when dealing with black controlled economies in the rest of Africa.

“Some 15 years ago, four of the world’s major emerging economies, Brazil, Russia, India and China, came together in a group that became known by the acronym BRIC. In 2010, seeking an African member, they chose South Africa which became the S in the newly named BRICS.   I look forward to the day when Nigeria becomes the N in a renamed group of 6 which will be known as the BRINCS.

“As we shall see, Nigeria has a more a rosy outlook for the future among economists than it has ever had before. Why then is it still an understudy on the world stage?  Why is it when the G-8 group of highly industrialized countries or other gatherings of the world’s most powerful nations occur, it has been more often to Johannesburg that they first call than to Abuja, on those all too rare times when they seek an African perspective at all?  There may, however, according to the 2017 United Nations Economic Report on Africa be some realistic hope for optimism that Nigeria’s day is, at last, believed to be coming,” he explained.

According to Carrington, “As goes Nigeria so goes West Africa.  Last year was a disappointing one. Your growth rate slowed to an anemic 1.6 percent and Fitch has just announced a re-evaluation of its forecast and now predicts that the growth rate will slip to an even 1%; as a result pulling down the region’s rate from 4.4 percent in 2010 to 0.1 per cent causing it to displace Southern Africa as the continent’s slowest growing sub-region.”

In the opening remarks, Prof. Ademola Abass, Special Adviser, Office of Overseas Affairs & Investment, Lagos Global, said, “Public lectures do not only enrich the knowledge base of the citizenry at large on any given subject, they indeed enrich the state’s archival repository of information and knowledge all which play a crucial role in the enlightenment of the citizens and the development of the state.

“This has made the Lagos State government accept to sponsor this public lecture by Ambassador Walter Carrington who served as the United States’ Ambassador to Nigeria from 1993 to 1997, to promote the ideals upheld by all who fought hard for the democracy we enjoy today.

“The period of Ambassador Carrington’s presence in Nigeria coincided with the country’s vigorous struggle for democracy. He is widely regarded as a friend of Nigeria and a progressive mind who joined hands with notable Nigerians in the struggle for democracy”.

The public lecture, which was accompanied by a book launch of the book “Defending the Defenseless”, written by Dr. Arese Carrington, wife of Ambassador Walter Carrington, had in attendance notable Nigerians and human rights activists such as Professor Wole Soyinka, Chief Ajibola Ogunsola, former Chairman of Punch Nigeria; Mr. Fola Adeola and the Lagos State Governor,  represented by the Secretary to the Lagos State Government, Mr. Tunji Bello and a host of other dignitaries.

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