Dr. Mayowa Olusoji, a renowned author,professional speaker and financial exponentialist has called on the government to diversify the economy by shifting from oil to other sectors because Nigeria’s economy heavily dependent on oil, leave it vulnerable to fluctuations in global oil prices and create limited opportunities outside the oil sector.

Olusoji in an interview believed that by diversifying the economy and shifting from oil to sectors such as technology, services and agriculture will grow the nation’s economy. ‘The fintech sector, exemplified by companies like Flutterwave and Paystack, already contributes 14% to GDP. To further boost this, implement tax incentives for AgriTech startups and invest in rural broadband infrastructure to achieve an 80% internet penetration rate. This diversification will reduce economic vulnerability and create more stable job opportunities. Technology is a juggernaut reshaping Nigeria’s economy and the global stage. In Nigeria, fintech is king with platforms like Flutterwave and Paystack these unicorns are driving financial inclusion, with mobile payments skyrocketing as over 60% of Nigerians now use digital banking. This has empowered SMEs, created jobs, and boosted GDP, with Nigeria’s tech sector contributing 14% to GDP in 2024. Blockchain and AI are also gaining traction, think of AgriTech platforms optimizing farming or AI-driven credit scoring for microloans. But challenges like infrastructure gaps and regulatory hurdles slow adoption.

Globally, technology is the backbone of economic evolution. Blockchain’s decentralized ledger is slashing transaction costs and enabling DeFi, with $100B+ locked in protocols by 2025. AI is transforming industries, from predictive analytics in finance to automation in manufacturing, adding trillions to global GDP. Digital assets, like cryptocurrencies and tokenized securities, are democratizing wealth creation but face regulatory scrutiny. Nigeria’s growth mirrors global trends but lags in scale due to infrastructure and connectivity issues. The winners either locally or globally would be those who leverage tech to solve real problems, from financial access to supply chain efficiency’ he disclosed .
Olusoji said the most pressing financial challenges today, both for Nigeria and globally, revolve around economic inequality, exacerbated by factors such as technological disruption, and uneven access to opportunities. ‘In Nigeria, 40% of the population lives below the poverty line (World Bank, 2024), with the naira’s significant devaluation (over 70% since 2023) and heavy reliance on oil (70% of revenue) squeezing the middle class. Additionally, youth unemployment stands at >50%, fueling social unrest. On a global scale, the top 1% own half of the world’s wealth (Oxfam, 2025), and automation threatens up to 30% of low-skill jobs, according to McKinsey. These disparities breed instability and hinder overall economic growth’ he noted.

To curb the high levels of youth unemployment and a workforce inadequately prepared for the demands of the modern economy, Olusoji who has over 20 years of experience in investment banking and transaction finance, he has established himself as a leading authority in financial education and data interpretation advise that the nation must invest in vocational training programs focused on coding, renewable energy, and financial literacy. And also develop a Learning Management System (LMS) that offers scalable financial literacy courses, similar to those provided by uLesson, to teach budgeting and entrepreneurship to millions of Nigerians. This approach,he said will equip the workforce with the necessary skills to thrive in the evolving job market.

Due to limited access to financing for small businesses, which employ 80% of Nigerians,he also proposed that microloan programs through fintech platforms, modelled after Kuda Bank’s low-interest loan offerings should be expanded. This will provide much-needed capital to small businesses, fostering economic growth and reducing unemployment.

Globally,he identified wealth inequality and the concentration of wealth among a small elite Financial as a major challenge. Olusoji proffers that there should progressive implementation of taxation policies to redistribute wealth and fund social programs. For instance, Finland’s universal basic income trial, providing $600 per month, significantly reduced poverty. Scaling this model globally would help mitigate the impact of automation and ensure a more equitable distribution of resources.

He also said there is need to improve global financial literacy because the knowledge gap drives inequality and limits financial empowerment.

To tackle this, he suggests that LMS platforms with AI-driven courses on budgeting, investing and debt management, made accessible through public-private partnerships, such as Google’s digital skills initiatives should be deployed. This approach will narrow the knowledge gap and empower individuals worldwide to make informed financial decisions.

Olusoji calls for the regulation of technological disruption on the need to address the socio-economic impacts of technological advancements, particularly in the gig economy and AI-driven industries.

‘Enforce fair labor practices and taxation policies for gig economy workers and AI-driven firms. The European Union’s AI Act is a promising start, but it should be expanded to protect workers globally. This will ensure that technological progress benefits all segments of society’ he noted.

He added’ Create comprehensive modules on the root causes of inequality, using Nigeria’s MMM Ponzi scheme collapse as a case study to teach scam avoidance. Integrate global and local solutions within the curriculum like the GO-PAS Framework. Teach Nigerians about decentralized finance (DeFi) for financial inclusion while demonstrating to global learners how to leverage AI powered algorithms for financial analysis. This integrated approach will build robust systems and promote relentless education to level the playing field. Inequality is not merely a challenge; it is a call to action. By building robust systems, educating the populace, and ensuring equitable access to opportunities, we can address these pressing financial challenges and foster sustainable growth.