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By Chinenye Anuforo
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Nigeria’s fragile economic structure has again come under pressure as the escalating US-Israel-Iran conflict triggered global oil disruptions, exposing the country’s deep dependence on imports despite its vast natural and industrial potential.
With oil prices surging beyond $100 per barrel and pump prices jumping by about 35 per cent, Nigerians are facing renewed inflationary strain in an economy already battling rising costs.
Ironically, this is happening in a country that produces crude oil and now hosts Africa’s largest privately-owned refinery.
The disruption of the Strait of Hormuz, a critical global oil route, has once again shown how vulnerable Nigeria remains to shocks from thousands of miles away. Inflation, which hovered around 27 per cent in 2025, continues to reflect the structural weakness of an economy heavily reliant on imports.
But beyond oil, analysts said the bigger concern lies in Nigeria’s continued dependence on foreign technology and equipment, a gap that is now drawing attention to the urgent need for local manufacturing.
Industry observers pointed to the technology sector as a clear example of both the problem and the opportunity.
Zinox Technologies, an indigenous tech firm founded in 2001 by Leo Stan Ekeh, is emerging as a strong example of how local capacity can reduce Nigeria’s exposure to global shocks. The company operates West Africa’s only digital computer assembly plant and has steadily built a reputation as Nigeria’s foremost local computer manufacturer.
Its operations go beyond computers. Through its subsidiaries, the company has expanded into renewable energy and consumer electronics, providing locally-assembled solar power solutions and devices tailored to Nigerian conditions.
Experts said this kind of local production is critical at a time when foreign exchange pressures continue to weigh heavily on the economy. Every device produced locally reduces the demand for imports and helps conserve scarce foreign reserves.
More importantly, it signals a shift Nigeria has long struggled to make, moving from a consumption-driven economy to a production-based one.
The push for local manufacturing is also gaining importance from a national security and strategic standpoint. Technology is no longer just a business tool but a critical asset for data protection, innovation, and global competitiveness.
Countries that control their technology supply chains are better positioned to withstand global disruptions, a reality the current crisis has once again highlighted.
Beyond direct economic benefits, local manufacturing is also driving job creation and supporting a broader ecosystem that includes logistics, retail, maintenance, and technical services. It is also lowering the barrier for entrepreneurs and small businesses to access affordable technology tools.
However, stakeholders warned that scaling this progress will require deliberate government policies, sustained infrastructure investment, and stronger collaboration between the public and private sectors.
There are signs of progress, as policymakers and industry leaders increasingly acknowledge the need to reposition Nigeria as a production hub rather than a dumping ground for imports.
The ongoing global crisis has made that urgency even clearer. Should global supply chains remain disrupted, countries with strong domestic manufacturing capacity will weather the storm, while import-dependent economies like Nigeria risk deeper economic strain.
For many, the lesson is straightforward: Nigeria’s future economic stability will depend less on what it imports and more on what it produces.
And as companies like Zinox continue to expand local capacity, the path toward self-reliance and industrial growth is gradually coming into focus
