ome to vast reserves of hydrocarbons and minerals, and with huge potential in agriculture, fisheries, and forestry, Nigeria is one of the most privileged lands in the world in terms of natural resources.
The need to move away from oil, and to exploit some of these other natural attributes, is an issue of paramount importance to the federal government.

The exploitation of the natural gas sector is already well under way, as a spin-off from the oil industry, while the development of mining has been identified as a priority, alongside agricultural production, and food processing.

Nigeria seeks to add value to its natural resources base through processing and manufacturing activities, both within the energy sector and elsewhere. Restoring agricultural production to its former glory – Nigeria was once one of the world’s biggest producers of commodities like palm oil and cocoa – is a major challenge. The country became a net food importer as the economic situation deteriorated during the 1980s and 1990s.

NGOZI OKONJO-IWEALA Vice-President of the World Bank INTERVIEW

The World Bank cites diversification away from oil as a central part of the development agenda. “I don’t think the country can really move forward unless it is able to find a way to develop other sources of income, or find other sources of growth for the economy,” says Ngozi Okonjo-Iweala, Vice-President of the World Bank.

Coupled with this, she says, is the ability to apply the resources fairly among the disparate groups of people that make up Nigeria. This process entails making the most out of the country’s huge pool of human talent. Tackling the country’s debt burden is another crucial part of the development equation.

As a Nigerian, Mrs. Okonjo-Iweala feels that the country can move forward if the political momentum is maintained.

The explosive growth of the mobile telephony market in the last two years illustrates what can be achieved. It shows the potential dynamism and suppressed demand in the market.

The World Bank and other development institutions are assisting Nigeria in its efforts, but it remains a monumental task. In addition to the political climate, it also means enticing foreign investors back, and encouraging the local private sector. This means moving away from outdated images of the country. “We are facing a big challenge, but I think it is a challenge that we can meet,” says Mrs. Okonjo-Iweala.