This explains the need for a new ameliorative option of developing a knowledge economy.
Investopedia defines a knowledge economy as “a system of consumption and production that is based on intellectual capital.” It is defined complementarily in “The DTI Competitiveness White Paper” — quoted by Ian Brinkley in a 2006 “Knowledge economy programme report” for The Work Foundation — as an economy “in which the generation and exploitation of knowledge has come to play the predominant part in the creation of wealth.”
While we anticipate the rallying of oil prices, it might be more useful to explore other avenues for improving the Nigerian economy in the short and long term. And I mean improving the economy both in terms of improving our per capita income and improving our capacity to grow the economy through ventures that are reasonably within our control — something our dependence on oil seems ever unlikely to afford us.
