Nigeria’s economy is passing through transition phase —Onu

Dr Ogbonnaya Onu, Minister of Science and Technology, has said Nigeria’s economy is passing through a phase of transition from being commodity-dependent to knowledge and innovation based.

Onu said this at the 2019 maiden Musical Festival and Award Night organised by the Caleb Group of Schools and University, with the theme: Joyful Tidings.

He said, “We are moving our economy away from a commodity-based one to make sure that it no longer depends entirely on this but on knowledge and innovation.

“This is a very important transition and will need the very best in the nation for it to happen.

“This is exactly what Japan did and it became the second largest economy in the world, until they were overtaken by China not too long ago.

“This is also what China is doing because last year December, China celebrated 40 years of reform and this is what South Korea, Singapore, among others, did.”

According to him, both nations with large and small population has achieved greatness because they have emphasised knowledge and diversified their economy.

(NAN)

Published on Punch Newspapers