Oil revenue not translating to enhanced GDP – Expert

The Chief Executive Officer of Standard Chartered Bank Nigeria Limited, Lamin Manjang has said in spite of huge revenue from Nigeria’s oil sector, it has not translated to an enhanced Gross Domestic Product (GDP) of the country.

Manjang who noted that Nigeria has the largest economy in Africa with a Gross Domestic Product (GDP) of $397 billion, said the country’s GDP could grow near double digit rates with the right economic policies.

He spoke on Tuesday in Abeokuta, Ogun State during the maiden quarterly lecture organised by the Africa Centre of Excellence in Agricultural Development and Sustainable Environment (CEADESE), Federal University of Agriculture, Abeokuta (FUNAAB).

The financial expert at a lecture, observed that the agricultural sector remains the next big economic frontier waiting to be fully harnessed.

Manjang tasked the Federal Government on harnessing Nigeria’s economic potentials by designing effective funding mechanism for its agricultural sector.

“Globally, the growth of the sector is tied to the quantum of investments it receives. To play its vital role in food sufficiency, employment generation and foreign exchange earnings among others, the funding of the sector is critical. This financing need is even more heightened in Nigeria as the nation transitions from subsistence to commercial agriculture,” he said.

The Vice Chancellor identified insecurity as a major challenge facing agriculture in the country, urging relevant authorities to underline their commitment to the sustainable growth and development of the sector by improving security.