Path dependence: Where We are now?

Path dependence: Where We are now?
The mono-product economy has many lapses it is easily prone to. Most especially when it's product is finite in supply. This is where the problem lies for oil-dependent nations in the world. Nigeria's oil quantity was commercially discovered in Bayelsa state, 1958. Presently among the world's largest producer of oil (even more than Dubai), we apparently plan our economy on the returns of this product; and like the forecasted consequence of the lack of a meaningful diversification,  we find ourselves in a quandary. Who would have thought prices would fall from as high as $101 per barrel in August to about $82 per barrel presently: the cause of which ( in Steven covey terms) outside our circle of influence: Iraq reducing it's price, Japan returning to the use of nuclear power as opposed to hydro carbon powered stations. Oil insider future offload, United States increased geographical area for oil exploration, removal of the ban placed on Iran by the USA e.t.c.
Time to take a cue from Norway (the most successful nation in diversification from oil) , the UAE, Qatar and other councils of the Gulf who have meaningfully implemented a workable strategy for their economy's redirection. According to IMF,  QATAR is projected to grow it's non-oilector by 9.1% between 2012-2016. The Norwegian economy has been able invest it's proceeds from oil in a sovereign wealth fund estimated at around $600 billion which is higher than our rebased GDP of $510 billion. The strength of it's efforts to diversify is directed to manufacturing and industry.
With good leadership and deliberation, our focus (I prospect ) should not be so much laid in raising taxes paid by producers but should be directed at encouraging investment and promoting the attraction of the comatose manufacturing sector such as  textile. In addition to this, I believe more effort be concerted towards value addition to our erstwhile primary resources. In the words of my Indian friend Ronnie, "Nigeria is both rich in Oil and soil; rich enough to overthrow Dubai 's growth by 200%". It's time we hold onto national progressive values and promote it's relevance beyond the current power tussle between parties and individuals. There's more we're throwing away (through our present lack of foresight) than our opportunities and wealth;  we're toying with a future. It's time to grow this economy from the scratch through deliberate, clear, concise and accountable action strategies using all at our disposal.
I believe Nigeria can compete with the USA and China on the ground of economics, unity and leadership.
What's your thought?
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