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NIGERIA FACES DEFINING MOMENT AS CALL GROWS TO BUILD AN ECONOMY BEYOND OIL
By PRESSCODE NEWS
ILE-IFE, OSUN STATE
9TH FEBRUARY 2O26
Nigeria is being urged to rethink the foundations of its economic future, as leading fiscal authorities warn that continued dependence on crude oil exports could limit long term national prosperity. Speaking at Obafemi Awolowo University, the Chairman of the Federal Inland Revenue Service, Dr Zacch Adedeji, stressed that the country must urgently expand its production base and develop more advanced export industries.
According to Dr Adedeji, Nigeria’s greatest economic challenge is not a lack of natural resources, but a shortage of productive complexity. This refers to the ability of a country to manufacture sophisticated, high value goods that combine technology, skills, and innovation. He noted that global economic success today depends less on producing large quantities of raw materials and more on creating specialised and competitive products.
Despite Nigeria’s position as a major oil producer, its export structure remains narrow. Economic data shows that between 2008 and 2023, only six new products were added to the country’s export portfolio. Analysts say this reflects slow industrial diversification and limited integration into global manufacturing supply chains.
Dr Adedeji highlighted Vietnam as an example of successful transformation. Through strategic manufacturing growth, technology transfer, and strong export policies, Vietnam has moved from a resource based economy to a major electronics production hub. Nigeria, by contrast, continues to rely heavily on raw commodity exports.
He also warned that natural resource advantages do not last forever, citing countries that experienced economic decline after failing to diversify beyond natural resources.
PRESSCODE NEWS INSIGHT
Nigeria stands at a strategic crossroads. While fiscal reforms are important, sustainable growth will depend on building strong industrial capacity, investing in technical education, and supporting innovation driven businesses. If properly implemented, diversification could unlock millions of skilled jobs and strengthen national economic stability. However, delay could deepen economic vulnerability in an increasingly competitive global market.
PRESSCODE NEWS
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