By Chinyere Anyanwu
Value addition as well as diversification of Nigeria’s export commodities have been highlighted as crucial elements in the country’s economic recovery.
These were the submissions of the Lagos State Governor, Babajide Sanwo-Olu, during the just-concluded 36th Convocation Lecture of the Yaba College of Technology (Yabatech), Lagos, which was part of the 2024 Convocation Ceremony.
Speaking on the theme, “Developing Export Alternatives for Nigeria’s Economic Recovery”, Sanwo-Olu noted that the country’s export capacity which has been oil and gas-based needs to exploit its non-oil export potential if it has to toe the path of economic recovery.
Sanwo-Olu, who was the guest speaker at the event, said, “diversifying our export base from oil and gas is an urgent imperative for a country that is serious about growing its economy and lifting millions of its people out of poverty.”
He stated that, “as we gradually but steadily make our way into the phase of recovery, one of the most important things we can do as a people is to increase focus on our export capacity and potential.”
Citing the Nigerian Export Promotion Council’s published data on Nigeria’s non-oil exports, which put the country’s non-oil export between January and June 2024 at $2.7 billion, the Lagos State governor listed the non-oil export alternatives to include agriculture, artistic and technological potential of the youths of the country.
He said, “when I speak about agriculture, I do not mean raw materials and unprocessed goods. There is no value or pride in exporting raw materials to the world.
“Beyond the physical goods like processed agricultural products, we must highlight one of our fastest growing and most promising export segments, our arts and creative industries.
“In addition to culture, there is technology revolution that is making Nigeria a prime source of technology talent that is available to serve the world.”
Sanwo-Olu urged the graduating students to go with the “mindset of value creators, not just job seekers. Aspire to be the change makers who will redefine Nigeria’s role on the global stage. Together we can create a nation that no longer relies on raw material exports but instead one that thrives on innovation, industrialisation and shared prosperity.”
Also speaking, the Vice President, Kashim Shettima, who was represented by the Economic Adviser to the President, Dr. Tope Fasua, congratulated Yabatech on the laudable milestones of its 70 years of existence and 36th Convocation Ceremony.
The vice president stated that the dream which informed the establishment of the institution must be progressively pursued, noting that, “the dream is that of a technologically advanced nation populated by well trained young people who can add value to raw materials and manufactured goods required by the people of this country.”
Corroborating the Lagos State governor, Shettima said, “the alternative we desire to export to get required export proceeds in foreign currency, to get prestige in the comity of nations, to begin to lean forward towards greatness, is going to be value-added. The alternative will start with the products of science and technology.”
Earlier in his welcome address, the Yabatech Rector, Dr. Abdul Ibraheem, said, “the Convocation Lecture of Yabatech is an event that does not only celebrate the academic accomplishments of our students but also provides an intellectual platform for discussing solutions to some of Nigeria’s pressing challenges. The theme of today’s lecture resonates deeply with the mission of our institution, which has always been to produce skilled, innovative and entrepreneurial graduates equipped to drive Nigeria’s socio-economic growth.”
In his own remarks, the Chairman of the Governing Council, Yabatech, Prof. Funso Afolabi, stated that “the Convocation Lecture is part of the culmination of years of rigorous academic work and we are proud to honour our graduates who have demonstrated exceptional academic achievement, innovation and leadership.”