Over the past 40 years, Nigeria has become an oil powerhouse – the most significant in Africa. But as the Nigerian government struggles to emerge from petroleum dependency, which partly triggered the country’s?economy plunging into recession in 2016, opportunities for growth have started to emerge in other sectors, Business Day reports.
Investors are now looking at the diversification of your Nigerian economy with emphasis on the agricultural, solid mineral and gas sectors.?Arable land compensates 37.3% of the total land portion of Nigeria and the potential is enormous. In the Kano province, for example, rice plantations have all but done away together with the need to import rice.
Aside from utilizing agriculture\’s potential, Nigeria also has the potential to diversify into your gas sector. But even though it boasts 200 trillion ft3 of proven gas reserves, the best on the continent, it has the lowest consumption in Africa. Regardless of the large reserves which could provide for transport and power generation, america suffers from crippling power outages and 75m Nigerians have no electricity.
Nigerian petroleum minister Emmanuel Ibe Kachikwu said recently that investment opportunities from the natural gas value chain could figure to over $50bn and yet the sector remains underdeveloped. Yewande Sadiku, CEO in the Nigerian Investment Promotion Commission, however says Nigeria\’s economy is slowly changing. “Diversification can not happen overnight. It will take a little while for the results to show.”