EMBASSY OF THE FEDERAL REPUBLIC OF NIGERIA, MEXICO
(52) 55 5245 1487 & (52) 55 5245 1489
This section aims to increase and consolidate avenues for fruitful economic and trade relations with focus on Mexican investment in Nigeria & to promote and encourage strong commercial ex changes between Nigeria and Mexico.
Although Nigeria is the largest economy in Africa, an answer from the government to the ongoing recession in our country has been the diversification of our economy with support of Foreign Direct Investment (FDI) inflows; consequently these have been strong averaging USD2 billion per quarter since 2013, with over 70 percent of non-oil sectors such as financial services, telecommunications, entertainment, etc. Nigeria’s economy is actually more diversified than it seems, with the Oil sector contributing only about 14percent to GDP. Nevertheless, we ought to be doing more to diversify with the significant natural and human resources with which Nigeria is blessed.
There is no doubt that Oil has contributed substantially to Nigeria’s revenue since its discovery in 1956 and more especially, since 1970 when its price was on the upward trend. But by the time being, with decreasing oil prices and consequent hardship engendered by this over-reliance on oil, it has become more compelling to Nigerian policy makers and all stakeholders that diversifying the economy is not optional but mandatory. Diversification is an urgent necessity to undertake structural transformation, buffer the domestic economy from externally transmitted shocks and accelerate growth accompanied by job creation.