Diversification of economy will boost, stabilise Nigeria’s GNI – S. Korean expert

Diversification of economy will boost, stabilise Nigeria’s GNI – S. Korean expert
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By Sarafina Christopher

Prof. Hung Park, a South Korean don, on Wednesday urged Nigeria to continue to diversify its economy to boost and stabilise its Gross National Income (GNI) per capita.

Hung, a Professor of Computer Science from Sangmyung University, South Korea gave the advice in a sideline interview with the News Agency of Nigeria (NAN) in Abuja after the closing of a two-day workshop on e-Govt master plan with the theme, “Building Foundations Towards Digital Governance in Nigeria.”

The university teacher who is an expert in digital economy, said: “In South Korea, when we were in the dictatorship period, we called it developmental dictatorship and one of our presidents changed our industry structure from just an agricultural economy to a diversified one by investing in education and entertainment, among others.

“So I want to encourage Nigeria to do the same because I have also noticed that Nigeria is now heading in the right direction.

“The oil industry structure alone should change so that Nigeria will not only focus on oil but also on Information Communication Technology (ICT), agriculture, natural gas, tin, iron ore, coal, limestone, niobium, lead, zinc, and arable land, among others.

“Too much dependence on one aspect of the economy is not really good. So the oil industry structure should be changed – diversified – because that is the key to resolving Nigeria’s GNI.

“Nigeria should not solely rely on a one-industry structure but keep on diversifying as it has started using the e-government project in order to be a global digital player,” he emphasised.

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Gross national income is the total amount of money earned by a nation’s people and businesses. It is used to measure and track a nation’s wealth from year to year.

The number includes the nation’s Gross Domestic Product (GDP) plus the income it receives from overseas sources.

GNI is an alternative to gross domestic product (GDP) as a means of measuring and tracking a nation’s wealth and is considered a more accurate indicator for some nations.

Hung said Nigeria’s GNI ranked 23rd among 47 countries in sub-Saharan Africa, and its overall score was above the regional average but below the world average.

“Research shows that Nigeria’s economy is growing and I believe that if Nigeria keeps diversifying its economy, it will be ranked 14th and above in its GNI per capita by 2030,” he said.

Earlier during the event, Mr Folayan Oluwasegun, Manager, Government Website and Domain at the National Information Technology and Development Agency (NITDA), said, “Nigeria is ready to diversify its economy.”

According to him, the e-government project that started 8 years ago between the both countries clearly shows Nigeria’s interest in expanding its economy starting with ICT in accordance with the global trend.

“NITDA is the agency of Nigeria in charge of IT regulation and it’s our priority to enhance and promote everything that concerns IT advancement and the e-government project is a clear example that shows the country’s interest in boosting its economy.

“We commend the South Korean government for reaching out to support our growth in various areas especially in information technology.

“We also want to also assure you that every ministry, department, and agency in Nigeria is putting all hands on deck to promote and ensure that every aspect of the economy that they play key roles in is fully utilised,” Oluwasegun said. (NAN)(www.nannews.ng)

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(Edited by Emmanuel Yashim)

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