Weekly SNAPSHOT - June 9, 2023

While the efforts to reduce Nigeria has consistently failed to meet its production quota in dependence on oil have shown progress, further diversification of the export base is essential, and the the past months, with the reduction in the oil quota, it government should continue supporting and incentivizing becomes imperative for Nigeria to accelerate efforts toward non-oil sectors such as agricul. [...] Furthermore, the government can hurdles, and improve trade infrastructure to facilitate the channel part of the proceeds derived from the removal of smooth flow of goods and services, making Nigerian subsidies to tackling the challenges faced in oil production in products more competitive in the global market. [...] Increasing Nigeria, such as oil theft, obsolete infrastructure, and local production through policies that support small and inadequate investments, to ensure the country meets its quota medium-sized firms (SMEs) and by giving them access to financing are other ways to achieve import substitution and and maximizes the revenue generated from the sale of oil. [...] According to the report, this growth will primarily be driven by the non-oil sector as the oil sector grapples with structural challenges, resulting in output levels below the assigned quota by OPEC. [...] To address this, the government should prioritize the development of the non-oil sector through targeted policies, incentives, and investments to reduce its dependence on the volatile oil sector and stimulate sustainable economic growth.