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“I Cringe When I Hear Analysts On TV Say That Crude Oil Is The Backbone Of Nigerian Economy.”

Mrs. Lauretta Onochie, a former presidential adviser and current APC member, voiced her shock after hearing analysts on national television assert that crude oil continues to be the foundation of Nigeria’s economy. She emphasises that this idea is out-of-date and has not been true for a sizable amount of time.

Expanding on her perspective, Lauretta Onochie highlights the diversification of the country’s economy. She points out that while the Nigerian economy has indeed diversified, she criticizes the failure of media anchors to rectify the misconception propagated by these analysts. She attributes this oversight to the media’s own lack of awareness about the evolving economic landscape.

Taking to her Facebook page on a Sunday, Mrs. Onochie elaborates on her stance. She provides statistical evidence to back her argument, sharing data indicating the contribution of various sectors to the country’s economy in the second quarter of 2023. Notably, agriculture accounted for 23.01%, information and communication for 19.57%, trade for 16.80%, manufacturing for 8.63%, crude oil and gas for 5.34%, real estate for 5.29%, and finance and insurance for 5.26%.

Contrary to the long-held belief among many Nigerians that the nation’s economic vitality relies solely on crude oil exports, Lauretta Onochie’s revelations are poised to dispel this misconception. Her provided statistics serve to enlighten the public about the diversified economic landscape of Nigeria, challenging the prevailing narrative centered around crude oil.