Atiku Knows How To Move Nigeria "Beyond Oil"

The former Vice President of Nigeria, Atiku Abubakar, was in London to deliver a speech on the problem of Nigeria's oil dependency at the London Schools of Economics (LSE) during 2nd Annual Nigeria Diaspora Leadership Summit on Wednesday, 4 September.

 

Due to
"scheduling difficulties", however, the speech was not delivered, but made public at the politician's webiste.
In his speech titled "Moving nigeria beyond oil: is there really a political will?", Atiku presents his thoughts on what it takes to transit to a “post-oil economy”.

Technically, to break through the oil dependency trap, Nigeria needs a diversified economy, where other sectors such as agriculture, manufacturing, services, and e-commerce, would be equally important. A diversified economy, Atiku argues, will allow the the country to rely on internally generated revenue, especially taxation, as well as provide new employment opportunities.

"In such an economy a major decline in oil revenues, for instance, will have some impact on the economy and the nation’s fiscal health, but not in a manner that becomes a national crisis."

He notes, that Nigeria will not be the first oil-abundant country that would try to go "beyond oil":

"We do not have to reinvent the wheel. Examples abound of how to get out of or at least reduce dependence on oil or other natural resources. Singapore, UAE, Japan, U.S. and Canada are prime examples."

Political will is paramount
However, in order to start diversification and advance the development of Nigeria, "the political will" is crucial:

"I understand 'political will' to mean the existence within a leadership of the strong desire and determination to take specific actions intended to realize set objectives, including the willingness to take the necessary political risks and make political sacrifices for the realization of those objectives."

He says the country has been on a wrong track for too long and not it is high time for Nigerian leaders to change the course.

Political will, however, can not emerge out of the blue, Atiku claims, but needs to be rooted in democracy, good governance and accountability.Therefore, he keeps arguing that political will is a collective thing, which has to be supported and backed by the people.

"It can be a small group of friends and comrades, who believe in something, have a vision and seek power to realize that vision for the society."

He finishes his essay by an inspiring call for a collective action, saying "It is we Nigerians that have to develop Nigeria. Nobody else will do it for us."