The Minister of Finance, Kemi Adeosun, has said the Nigerian economy is not structured to meet demographic needs of the various sectors of the economy, insisting that the oil model-based economy on which the economy was structured, has failed the country, because it never worked.
Adeosun who spoke thursday on the state of the economy on ARISE Television, a THISDAY Newspaper sister broadcast network, said since the oil-based economy is not working for the county, what is needed is a medium term strategy that would drive infrastructure development across all sectors of the economy.
â€œWe are carrying out a product-based approach and there are growth drivers in the economy like agriculture that we can build upon as a country. We have huge potentials in solid minerals and we have to stop illegal mining,â€ she said.
She explained that the customs authority was already working with state governments to stop illegal mining, and that government is committed to keeping the economy on track.
Addressing the issue of recession that almost crippled the Nigerian economy, Adeosun said government knew that recession would not last for long because it was a phase thing that crept into the economy and must also go away.
She said government has spent so much on infrastructure to drive the economy and that the strategy helped in no small measure in bringing the country out of recession.
â€œGoing into recession is something government had regret for, but there are interventions in agriculture and in other sectors of the economy and government is realistic about the planned 0.55 per cent growth,â€ minister said, adding that government sees more opportunities in every sector to drive infrastructure.
On the issue of unemployment, the minister said it started long ago, but that what was important for us as a nation is for government to look inwards and proffer solutions to address our challenges.
According to the minister, â€œOur growth as a nation has been declining for a number of years and this oil economy model will not work for Nigeria. Government will continue to build on infrastructure because infrastructure will drive every sector of the economy, including agriculture, to provide more jobs for our youths.â€