Lagos State Governor, Babajide Sanwo-Olu, has described inventive arts, expertise, and agriculture as key sectors that may drive Nigeria’s financial restoration and scale back its dependence on crude oil.
Talking on the thirty sixth Convocation Lecture of Yaba Faculty of Know-how (YABATECH) on Tuesday, Sanwo-Olu described these industries as “Nigeria’s new crude oil,” urging the nation to harness their export potential.
Delivering the lecture themed “Growing Exportable Alternate options for Nigeria’s Financial Restoration”, the governor confused that many years of reliance on crude oil exports and importation of completed items had left the nation susceptible to international trade crises.
He stated, “The elemental concern on the root of our lingering financial state of affairs is the disaster of international trade, stemming from our overdependence on crude oil and gasoline.
“Diversifying our export base is not only an possibility—it’s an pressing crucial.”
A Tuesday press launch signed by the governor’s Particular Adviser, Media and Publicity, Gboyega Akosile, titled, “Artistic Arts, Know-how Are New Nigeria’s Crude Oil – Sanwo-Olu.”
The occasion, attended by dignitaries together with Vice President Senator Kashim Shettima (represented by Mr Tope Fasua, Particular Adviser on Financial Affairs), lecturers, and personal sector leaders, underscored the urgency of financial diversification.
New game-changers
Sanwo-Olu famous that agricultural exports, like cocoa, maintain vital potential however lamented the dearth of worth addition.
“Cocoa beans accounted for 23.18% of the $2.7 billion earned in non-oil exports within the first half of 2024, but we export it uncooked.
“This shortchanges our economic system. We should prioritise processing our uncooked supplies to reap full worth,” he acknowledged.
Highlighting the inventive arts sector, he described Afrobeats and Nollywood as two of Nigeria’s greatest cultural exports, remodeling international markets and incomes worldwide acclaim, together with Grammys.
“Our arts and artistic industries should not simply promising; they’re redefining international cultural landscapes.
“We should maximise this potential to place Nigeria as a worldwide chief,” he stated.
In expertise, the governor emphasised innovation-driven progress.
“YABATECH has constructed a status as a hub for innovation and artistic excellence.
“Graduating college students should leverage their information to redefine Nigeria’s export economic system,” he charged.
Management position in financial restoration
In the meantime, Sanwo-Olu lauded President Bola Tinubu’s administration for taking daring steps towards financial reforms, citing knowledge from the Nigerian Export Promotion Council (NEPC) as proof of progress.
He known as for continued investments in insurance policies that foster innovation, industrialisation, and the event of export-oriented industries.
Encouraging the graduating college students, Sanwo-Olu stated, “As you permit these hallowed grounds, aspire to be changemakers.
“Proceed audaciously with the mindset of worth creators who will remodel Nigeria right into a nation thriving on innovation and shared prosperity.”
YABATECH Rector, Dr. Ibraheem Abdul, counseled the governor’s lecture, describing it as “thought-provoking and well timed.”
He stated the discourse aligned with nationwide efforts to leverage non-oil options for financial progress.
“This theme bridges the hole between educational information and real-world utility,” the rector added.
In response to the governor, as Nigeria continues its path towards financial restoration, the inventive arts, expertise, and agriculture stand as pivotal sectors to unlock the depend ry’s huge potential and construct a resilient economic system.
