Nigeria, July 7 -- The Nigeria Extractive Industries Transparency Initiative (NEITI) has called on the government to protect the economy from oil price volatility.

A statement by Orji Ogbonnaya, NEITI's Director of Communications and Advocacy, noted that this can be achieved by weaning Nigeria off its unhealthy dependence on oil which accounts for the bulk of its revenues and foreign exchange earnings

NEITI made the call in its latest policy brief, titled: "Insulating Nigeria from Perennial Oil Price Volatility".

In the brief, the organisation urged the government to adopt sustainable strategies for robust fiscal cover for the Nigerian economy during periods of oil price shocks.

"Price volatility is a constant feature of the oil marke...