Ogun State Governor advocates economic diversification beyond oil

Ogun State Governor, Prince Dapo Abiodun, has underscored the need for Nigeria to shift its economic focus from oil to the non-oil sector to ensure sustainability. Speaking at the 6th Senator Abiola Ajimobi Roundtable, Governor Abiodun highlighted the importance of diversification into mineral resources, agriculture, manufacturing, tourism, and technology.

Governor Abiodun emphasized that the world is moving away from fossil fuels, signaling the urgency for Nigeria to explore alternative sources of revenue. He stressed the potential of Nigeria’s abundant mineral and natural resources, estimating their value at over $1 trillion.

Drawing attention to Ogun State as a case in point, Governor Abiodun revealed the presence of over 15 natural mineral resources in commercial quantities, with limestone, granite, and laterite actively mined. He expressed the need for broader exploration, especially in solid minerals like gold, lithium, tantalite, tin, barite, among others, citing the vast possibilities through value-chain addition within the country.

The governor lamented Nigeria’s over-reliance on oil exports, citing its vulnerability to oil price volatility and external factors like vandalism and theft. He supported the roundtable’s theme, “Re-engineering Nigeria For Sustainable Development: Options, Costs, and Prospects,” emphasizing the importance of factors such as youth engagement, international collaboration, technological advancement, and innovation in accelerating economic diversification and growth.

In his keynote address, Chief Adebayo Adelabu, the Minister for Power, attributed Nigeria’s challenges to leadership and fellowship issues. He called for a focus on education, youth development, technical training, revitalization of the health and power sectors, and addressing leadership and fellowship concerns to foster development.

The event’s moderator, Tajudeen Akanji, highlighted the disparity between Nigeria’s wealth and the prevalence of poverty. He stressed that re-engineering the country requires broad education, reasonable income, a functional middle class, effective administration, social services, and respect for the rule of law. The roundtable explored avenues to address these challenges and pave the way for sustainable development.