Oil was a distraction…Nigeria has never been an oil economy – Pascal Dozie

The founder of Diamond Bank and Chairman of MTN Nigeria, Pascal Dozie has Nigeria’s dependence on oil made it lose opportunities.

Famurewa said this in an interview with CNBC Africa’s Wole Famurewa.

Dozie said Nigeria was never an oil economy but an agricultural-driven economy.

He said crude oil has been a distraction to the economic development of the country.

“Nigeria is a story of lost opportunities. I think it is what some might call taking a lot for granted, because we positioned ourselves wrongly,” he said.

“We positioned ourselves as an oil economy, but Nigeria has never been an oil economy. The oil has been a distraction to the economic development of the country. Nigeria is an agricultural economy.”

On the factors that led to the recession, he said, “We depended on a sector we were really not in control of. We were not in charge of the pricing, or the marketing. We are receivers.

“We more or less drill the oil, export it, and use the resources to buy the petroleum products. So it was really just like that, money in money out.

“We were just like the ostrich, you dig your head in the sand, but the whole body is uncovered. We thought we were rich.”

Dozie noted that investors were discouraged to do business in Nigeria due to multiple exchange rates.

“People are not happy that in a country like Nigeria there are multiple exchange rates.

“That alone makes foreign investors wary because they can’t plan. So what exchange rate are you coming in at, and what exchange rate are you coming out with.”

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