Diversification key to reviving Africa economies
from OKORO CHINEDU in Lagos , Nigeria
LAGOS, (CAJ News) – NIGERIA and fellow African countries must diversify their economies in order to overcome economic challenges presented by the fall in prices of key commodities, renowned business executive, Dr Oba Otudeko, said.
Otudeko, Chairman of Nigerian firms, Honeywell Group and FBN Holdings, was speaking at the just-concluded sixth edition of the Tokyo International Conference on African Development (TICAD) held in Nairobi, Kenya.
“Africa has particularly suffered from subdued commodity prices. As a Nigerian, I can tell you that these are interesting times for both government and businesses,” he told delegates.
Otudeko said such times could be overcome by broadening the horizons of the African countries’ economies.
“I believe that with the right efforts, we can actualize our vision,” said Otudeko.
He expressed confidence the continent remained a lucrative investment destination.
“Africa remains open for business and indigenous African companies are open to partnerships and collaborations that will create new ventures and, in turn, growth opportunities for our dear continent.”
Nigeria, Africa’s biggest producer of crude oil, has borne the brunt of falling prices of the commodity.
Subsequently, South Africa, also struggling but comparatively faring better, has wrestled back from Nigeria a status as Africa’s biggest economy.
– CAJ News
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