Nigeria must urgently move away from its heavy dependence on raw material exports and embrace an economy driven by ideas innovation and the production of complex goods to achieve sustainable growth and long term prosperity. This call was made by the Chairman of the Nigeria Revenue Service Zacch Adedeji during the maiden Distinguished Personality Lecture of the Faculty of Administration at Obafemi Awolowo University Ile Ife Osun State.
Delivering a lecture titled From Potential to Prosperity Export led Economy Adedeji warned that Nigeria current economic structure leaves it poorly positioned in a global system that increasingly rewards knowledge technology and productive complexity rather than natural resources. He said the country must adopt a new development path that prioritises innovation and sophisticated production.
According to him Nigeria export performance has remained stagnant for decades despite its size and resource endowment. He noted that between 2008 and 2023 the country added only six new products to its export basket reflecting limited diversification and weak productive capabilities. He stressed that Nigeria is not only producing too little but also producing the wrong kinds of goods.
Adedeji described the Nigerian economy as a paradox where a high technology oil and gas sector coexists with a largely informal and low productivity economy lacking a strong industrial base. He said this gap has constrained job creation limited value addition and reduced competitiveness.
Citing the Harvard Atlas of Economic Complexity he explained that Nigeria currently has few opportunities to diversify exports using existing capabilities. He urged the country to learn from nations such as Vietnam Indonesia Bangladesh Brazil and South Africa noting that Vietnam success was driven by deliberate integration into global value chains and continuous upgrading of productive ss.
He warned that over reliance on natural resources as seen in some countries could lead to long term regression if productive capabilities are not strengthened. Adedeji stressed that Nigeria must reposition itself as an active participant in global value chains rather than remaining a supplier of raw materials.
He added that rebuilding the economy requires patience clear strategy and commitment noting that the journey from potential to prosperity is achievable with the right resolve.
Leave a comment