Diversification, Industrial Development keys to economic growth, Gamawa

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Dr.Aminu Gamawa, former commissioner for finance, Bauchi state has explained that he is attending the Nigeria International Petroleum Summit, NIPS on behalf of the Bauchi state government in order to learn more about new innovations in the oil and gas industry.

He further highlighted that Bauchi state is one of the states in Nigeria that petroleum deposits are found, but as the conference proceeds, he has also got to understand that there is to understand that depending on petroleum products alone is not the best for the economy of any nation especially Nigeria

According to the former commissioner,
oil prices are fluctuating due pull effects which have reduced dependency on oil.

“For example, countries that used to buy oil from us, are now planning to start using batteries to power their vehicles instead of petrol or gas. This means that, the prices of oil would decrease and we shall also sell less oil”, he added.

Gamawa went on to say the solution to this lies in diversification of the economy,
“Here in Bauchi, we have many mineral deposits which if harnessed can generate huge revenue and employment opportunities for the state.
Therefore, in this conference, one of my major takeaways is that fact that Bauchi should learn to diversify her economy.

Furthermore, he spoke on the need of both the state and Federal Government to provide investors with enabling climate so that the investors can establish manufacturing industries in order to ensure that Nigeria do become a producer nation.

“Dangote is building of the largest refineries in Africa today, once, it is completed, there would be no need to export crude oil for refining. Everything shall be done here and it would create job opportunities for Nigerians and save huge amount of money for us” he added

He Futher reiterated that the best practice today for collective will by Nigerians to make sure that the economy of the country is diversified.

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