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July 25, 2024

Ogun Gov. Calls for Diversification of Nigeria’s Economy to Non-oil Sector

The Ogun State Governor, Prince Dapo Abiodun has called for the diversification of Nigeria’s economy to the non-oil Sector including agriculture, technology, and others. 

He stated that Nigeria’s economy would be sustainable if attention is shifted from oil to the non oil sector by diversifying into mineral resources, agriculture, manufacturing, tourism, and technology.

Speaking at the 6th Senator Abiola Ajimobi Roundtable and 74th Posthumous Birthday, organized by the Senator Abiola Ajimobi Foundation in collaboration with the Institute for Peace and Strategic Studies, University of Ibadan on Saturday, Governor Abiodun noted that the world is gradually moving away from fossil fuel, hence the need for the country to begin to look for other sources of revenue.

He said: “As I have mentioned earlier, the world is slowly moving away from fossil fuels as more countries embark on energy transition, therefore the need to actively diversify the economy into non-oil sectors such as mineral resources, agriculture, manufacturing, tourism, and technology.

“Nigeria is blessed with an abundance of over 40 commercially viable mineral and natural resources that we as a people and government have not explored. While no official figures have been put forward, industry experts report that Nigeria’s solid mineral deposits are valued at over $1 trillion with some estimates as high as $5 trillion.

“Take for example, my state, Ogun State, where we have over 15 natural mineral resources present in commercial quantities in all our local governments but only actively mine limestone, granite and laterite.

“In fact, we are the largest producer of solid mineral resources in Nigeria and account for just over 32.04 metric tons of mineral resources or 37.6% of national output.

“Imagine if as a country, we are able to tap into all other solid minerals like gold, lithium, tantalite (a crucial mineral for electronics manufacturing), tin, barite, etc. The possibilities are endless, especially if we engage in value-chain addition in the country.”

He said the theme of the roundtable, “Re-engineering Nigeria For Sustainable Development: Options, Costs and Prospects”, was apt, as factors like youth engagement, collaboration with international organizations and neighbouring countries, embracing technological advancement and fostering innovation could accelerate economic diversification and growth.

Governor Abiodun lamented Nigeria’s over- reliance on oil exports, which he said exposes her mono-economy as unsustainable in the face of volatility of oil prices due to supply and demand, market forces, vandalization and oil theft.

Meanwhile, in his keynote address, the Minister for Power, Chief Adebayo Adelabu, however attributed the nation’s problems to leadership and fellowship issues.

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