Post by Trade facilitator on Jun 5, 2012 7:57:59 GMT 1
THE World Bank has aid that Nigeria as the largest producer of cassava, could develop its econonmy by exporting quality cassava and other commodities other than oil.
Mr. Omo Ruhl, the World Bank Country Director in Nigeria, said this when he featured at the Forum of the News Agency of Nigeria (NAN) last week in Abuja.
“You have the most cassava in the world but apparently it is not the best, the quality may not be there so let us focus on how we increase the standard,” he said.
The Country Director said that one of the greatest problems with the Nigerian economy was its over reliance on oil, as well as the mono-revenue and export economy system.
“Nigeria is not a mono-product economy, it is a mono-revenue economy and a mono-export economy because in the other sectors there are no exports, very low fiscal revenues, that is where your challenge is but oil is only 17 per cent of your GDP, 83 per cent is everything else taken together,” Ruhl said.
He added that Nigeria stood to benefit a lot in developing its agriculture and the wholesale and retail services sectors, which, he said, were actually bigger than the oil sector.
“Oil is actually the fourth largest sector of the Nigerian economy, the largest sector is agriculture, the second largest sector is wholesale and retail and services is the third largest.
So what Nigeria should do is focus on propelling these other sectors forward so that they can also export, so that you are less dependent on oil and finding ways of generating revenues for the government for legitimate investment in infrastructure, health and education,” he said
Source: www.vanguardngr.com/2011/01/cassava-can-be-nigeria%E2%80%99s-mega-export-earner-world-bank/
Learn more about cassava export & local utilization in Nigeria @ cassavaexport.tripod.com
Mr. Omo Ruhl, the World Bank Country Director in Nigeria, said this when he featured at the Forum of the News Agency of Nigeria (NAN) last week in Abuja.
“You have the most cassava in the world but apparently it is not the best, the quality may not be there so let us focus on how we increase the standard,” he said.
The Country Director said that one of the greatest problems with the Nigerian economy was its over reliance on oil, as well as the mono-revenue and export economy system.
“Nigeria is not a mono-product economy, it is a mono-revenue economy and a mono-export economy because in the other sectors there are no exports, very low fiscal revenues, that is where your challenge is but oil is only 17 per cent of your GDP, 83 per cent is everything else taken together,” Ruhl said.
He added that Nigeria stood to benefit a lot in developing its agriculture and the wholesale and retail services sectors, which, he said, were actually bigger than the oil sector.
“Oil is actually the fourth largest sector of the Nigerian economy, the largest sector is agriculture, the second largest sector is wholesale and retail and services is the third largest.
So what Nigeria should do is focus on propelling these other sectors forward so that they can also export, so that you are less dependent on oil and finding ways of generating revenues for the government for legitimate investment in infrastructure, health and education,” he said
Source: www.vanguardngr.com/2011/01/cassava-can-be-nigeria%E2%80%99s-mega-export-earner-world-bank/
Learn more about cassava export & local utilization in Nigeria @ cassavaexport.tripod.com
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