Victor EzejaChief Executive Officer of 9mobile, Obafemi Banigbe, has highlighted the need for economic diversification in Nigeria to save value of the naira.
Banigbe pointed out that over dependence on oil exports exposes the country to global economic shocks and recession, hence the need to explore other non-oil sources of export to make stabilise the naira.
Join our WhatsApp ChannelSpeaking at the 2024 BNI National Business Conference in Abeokuta, Ogun State, Banigbe stressed the importance of diversifying Nigeria’s economy through key sectors like Technology, Agriculture, Manufacturing, and Creative sectors.
He said they play critical role in driving Nigeria’s non-oil export growth.
“Nigeria’s over independence on oil has made the country highly vulnerable to global economic shocks and recession,” Banigbe warned.
“It is crucial that we diversify our economy to mitigate these risks. By doing so, we can tap into global opportunities and reduce our susceptibility to economic downturns,” hr advised.
The 9mobile CEO further said: “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.”
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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 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 characterized 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 further emphasised that Agriculture has the potential to drive growth and provide livelihoods for millions of Nigerians. The sector accounts for up to 35% 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 which has so far created more SMEs than we have seen in the last decade and Education technology which became 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 revolutionizing payment systems locally and globally, with companies like Flutterwave, Paystack, and PiggyVest leading the charge; E-commerce currently fuelling 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 concluded.
The 2024 BNI National Business Conference with the theme featured a distinguished lineup of speakers, such as Nigeria’s former President, Chief Olusegun Obasanjo, as the Special Guest of Honour, alongside other notable figures including Dr. Adebola Olubanjo FCA, and Chief Kola Akosike of Oduacimma represented by Chief Abiodun Lasile.
Victor Ezeja is a passionate journalist with six years of experience writing on economy, politics and energy. He holds a Masters degree in Mass Communication.
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