How to save Nigeria’s economy – Arunma Otteh

The government must diversify the economy if
Nigeria is to survive falling global oil prices, World
Bank Vice President and Treasurer, Arunma Otteh,
said on Monday.
She said Nigeria ranks 152 out of 188 in the
Human Development Index, and ranks below the
average for sub-saharan Africa.
Otteh spoke in Lagos while delivering the
inaugural Philip Asiodu Lecture Series, with the
theme: “The proper role of oil in the context of
accelerating growth and development in Nigeria.”
It was organised in honour of a former diplomat
and Minister of Petroleum Resources, Phillip
Asiodu.
Life expectancy in Nigeria, Otteh said, is 53 years,
eight years lower than in Ghana and 21 years
lower than in Brazil.
On corruption, Otteh referred to the
Transparency International’s 2015 report which
placed Nigeria on 136 out of 168 most corrupt
countries.
This, she said, affects the flow of foreign direct
investment (FDI) to the country.
“Nigeria rapid GDP growth over the past decade
has not translated into strong human
development and competitiveness compared to
the rest of the world even when compared to
many of its Sub-Saharan African peers,” she said.
Otteh said Nigeria can no longer depend only on
earning from oil, which now sells for as low as $26
per barrel, and which accounts for 95 per cent of
the country’s foreign exchange.
“Given the level of price uncertainty and Nigeria’s
dependence on oil, it is all the more