The Nigerian Institute of Management has said that in view of the current drop in the price of crude oil and the global financial crisis, the Federal Government should invest more in the non-oil sector.
Speaking at a press briefing aimed at informing Nigerian managers on the forthcoming international conference of the institute, scheduled to hold in Abuja, the President and Chairman of Council of the institute, Sir Peter Osaghale Edeoghon, said that the move was necessary in order to abate the dire consequences of the failures in the financial and capital markets.
He said the economic effects of the drop in oil prices at the international market was impacting negatively on production activities in the country, since the Nigerian economy was solely dependent on the product.
In order to cushion the effect of fluctuating price of crude oil, the management expert said, “The managers of the Nigerian economy must device means of exerting strict fiscal measures to ameliorate the consequential drop in our oil revenue".
Source: The Punch