Overdependence on oil is Nigeria's major problem - Lagos Finance Commissioner

The Commissioner of Finance in Lagos State, Mustapha Akinkunmi, has said that the over-dependence on oil is the major problem facing Nigeria.

Mr. Akinkunmi stated this on Sunday at 8th commencement ceremony of American University of Nigeria, AUN, in Yola.

“Our economy will be better if our leaders invest on human capacity,” he said, stressing that innovation in science will play a key role in developing the country.

While presenting his speech, he noted that investing in the information technology will enhance rapid development of Nigeria.

“We must invest in services and IT sector,” he said, adding that “investment in the lT industry will have multiplier effect on the government and the people””

“Nigeria is among the fastest developing country but because we have spent more time on oil we are now left behind.

“There is need for us to look inward for development” he added.

He said Nigeria can earn a lot of foreign exchange from the movie industry.

He charged the graduating students to be ambassadors of the AUN and their parents.