Over Dependence On Oil Is The Cause of Nigeria's Recession-Lai Mohammed
The Minister stated this during a press briefing at his home in Oro, Irepodun Local Government Area of Kwara State.
He said that the crash in the global price of oil exposed Nigeria's defective economic policy, with oil accounting for over 60 percent of the nation's gross domestic Product (GDP).
He said “We have a very defective economic structure, which depends largely on a single platform of crude and fuel."
"Crude oil accounts for between a and 12 percent of our GDP and another 53 percent of the GDP which we call non-oil , unfortunately also depending on the same oil."
"When the price of oil now crashes in the international market, definitely you are bound to have this kind of shock in the economy."
The Minister also blamed the past administration, for not investing massively on infrastructure to assist manufacturing industries and boost agriculture production.
He said "People say we should not talk about what happened yesterday but it is pertinent to learn, understand and move away from past mistakes."
He said that the "Change starts With Me" initiative which was launched by the Federal Government on Tuesday, was to instill discipline sand the needed change attitude in both in the leaders and in the people.
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