Driving non-oil exports would help Nigeria to earn scarce dollars and reduce dwindling government revenue, unemployment and other economic shocks the country is facing.
Nigeria’s overdependence on oil has made the country highly vulnerable to global economic shocks and recession.
To change the narrative, Nigeria has been urged to invest more in manufacturing, technology, agriculture and creative sectors.
Obafemi Banigbe, chief executive officer of 9mobile, disclosed this at the 2024 BNI National Business Conference held recently in Abeokuta, Ogun State.
According to him, Nigeria must diversify its economy to mitigate these risks tap into global opportunities and reduce its susceptibility to economic downturns.
“The impact of the naira’s depreciation is a stark reminder of the need for diversification. The naira has lost significant value compared to its worth just a few years ago, affecting everyone. Diversification is no longer just a strategic option; it is essential for creating jobs, generating foreign exchange, and strengthening our economy’s resilience,” he said.
Banigbe said Nigeria is home to one of the world’s most vibrant technology ecosystems, and its tech industry is growing at an incredible pace, making it the fastest-growing sector in the country.
“With a dynamic young population and an increasing demand for digital solutions, Nigeria’s tech ecosystem has immense potential to drive non-oil growth and become the nation’s biggest export.
“The country’s tech ecosystem is characterised by a large consumer market of over 200 million people, with more than 500 active and viable startups, and a rapidly growing tech industry. Lagos, Abuja, Ibadan, Kano, and Aba are key startup cities, with Lagos being the most valuable startup ecosystem in Africa, valued at $2 billion,” he explained.
He further said that Agriculture has the potential to drive growth and provide livelihoods for millions of Nigerians.
“The sector accounts for up to 35 percent of total employment in Nigeria and contributes significantly to the country’s GDP. With the right investment and support, agriculture can become a key driver of Nigeria’s economic diversification.
“Other non-oil opportunities which can be explored include the Fintech companies which have changed the payment system in Nigeria and globally. Electronic commerce has so far created more SMEs than we have seen in the last decade and education technology has become more popular with the advent of Covid-19.
“9mobile is seeking to explore some of these opportunities to position itself as the enabler of the creative and innovative economy,” Banigbe added.
Beyond oil, Nigeria has a plethora of untapped opportunities waiting to be harnessed. Key areas of focus include Fintech, which is revolutionising payment systems locally and globally, with companies like Flutterwave, Paystack, and PiggyVest leading the charge; E-commerce currently fueling the growth of SMEs, with platforms like Jumia, Konga, and Opay creating new avenues for entrepreneurship; education technology which is transforming learning experiences, especially since COVID-19, with innovative solutions from companies like uLesson, Roducate, and Tuteria.
“We at 9mobile are committed to exploring these opportunities, positioning ourselves as a catalyst for Nigeria’s creative and innovative economy,” Banigbe added.
Join BusinessDay whatsapp Channel, to stay up to date
Open In Whatsapp
