Diversifying Nigeria’s Economy

Nigeria’s very high and rising debt profile, as well as dwindling revenue from export of crude oil exposes serious concerns for the economy. The reliance on oil as its major source of revenue and the volatility of crude oil process portends its own danger. The Senate will through legislation and legislative oversight, seek to promote sustainable economic growth, infrastructure development and reduction in corruption in order that the country’s economic outlook improves. To this end, the Senate will do as follows:

1. ake legislative action to achieve diversification of Nigeria’s economy with a focus on reducing dependence on oil and
   increasing development in other sectors across Nigeria, such as mineral resource mining, manufacturing, agro-processing, textile, tourism and technology and general services.
2. Utilise the instrument of legislation to reform public-private partnerships in the areas of infrastructure development, investment projects and service delivery.
3. Undertake a comprehensive review of the African Continental Free Trade Agreement (AfCFTA), the opportunities for Nigeria and how the agreement can expand Nigeria’s economic reach and growth within the continent.
4. Legislate a comprehensive, long-term national infrastructure development plan covering transport, energy, ICT, and other key sectors.
5. Strengthen intellectual property laws to encourage innovation and protect inventors.
6. Develop policies that enhance Nigeria’s export potential and reduce unnecessary imports.