By Dayo Johnson, Akure

Prince Adewole Adebayo, the Social Democratic Party’s presidential candidate in the 2023 elections, emphasized that Nigeria cannot afford to fail in international trade.

Speaking at the inauguration of the Bashir Adeniyi Centre for International Trade and Investment, hosted by the Nigerian Institute of International Affairs (NIIA), he highlighted the historical significance of trade to Nigeria’s formation.

Adebayo stressed the need to recognize the changing global landscape and adapt to emerging challenges. He reflected on Nigeria’s rich trading history, stating, “Anyone who wants to spend time studying the history of Nigeria knows that this country must not fail in trade because Nigeria was created out of trade.” He urged for a renewed focus on self-sufficiency, arguing that countries must produce more rather than becoming mere consumers.

He pointed out the pitfalls of relying heavily on imports, warning that excessive consumption without corresponding production leads to economic decline. Adebayo also noted that effective internal trade can bolster a nation’s international trade capabilities, citing the United States as a historical example of a country that thrived through robust domestic trading.

Additionally, Adebayo encouraged leveraging modern trade avenues, stating, “The concept of trade is not limited to goods you can see. In fact, in many countries, people trade more for services than for physical goods.” He underscored that every nation has something valuable to contribute to the global market.

The event featured notable figures, including Prof. Eghosa Osaghae, Director General of the NIIA, and former Cross River State Governor Donald Duke, among others.