As Nigeria’s reliance on its oil sector is proving insufficient for sustained economic growth, there has been agitation for the country to diversify its economy.
Stakeholders noted that the volatility of oil prices, geopolitical tensions, technological advancements, and environmental sustainability concerns has exposed the vulnerabilities of an oil-dependent economy, emphasising the need for diversification and a renewed focus on agriculture leveraging on technological innovation for agricultural productivity in Nigeria.
They noted that the agricultural sector benefited more from technological innovation than the oil sector, hence the critical need to prioritise technological advancements in agriculture to drive sustainable growth and economic resilience in Nigeria.
Speaking at the 2024 BNI National Business Conference held recently in Abeokuta, Ogun State, the Chief Executive Officer of 9mobile, Obafemi Banigbe, stressed the importance of diversifying Nigeria’s economy through some key sectors.
He emphasised the critical role of technology, agriculture, manufacturing, and Creative sectors in driving Nigeria’s non-oil export growth.
In what he described as Nigeria’s creative and innovative economy, Banigbe explained that “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 fastestgrowing 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 added: “We at 9mobile are committed to exploring these opportunities, positioning ourselves as a catalyst for Nigeria’s creative and innovative economy.”
He further stated that agriculture had the potential to drive growth and provide livelihoods for millions of Nigerians. The sector accounts for up to 35 per cent 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. He explained that other non-oil opportunities, which can be explored, included the Fintech, which has changed the payment system in Nigeria and globally, electronic commerce, which has so far created more SMEs in the last decade and education technology, which became more popular with the emergence 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 stated. 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.
