By Adeola Badru

The Senior Special Adviser on Industrialisation to the President of the African Development Bank, AfDB, Professor Banji Oyelaran-Oyeyinka, has called for urgent economic diversification as a cornerstone of Nigeria’s industrialisation efforts.

He made this known in an interview with Vanguard in Ibadan, outlining a comprehensive plan to reduce the nation’s reliance on oil and foster a more resilient economy.

Prof. Oyelaran-Oyeyinka stated that to secure a prosperous future for the nation, shifting focus from oil dependency to a diversified economy that utilises the country’s strengths is essential.

He emphasised the urgency of this shift, noting that relying solely on oil exposes the economy to global market volatility.

“If we are to secure a prosperous future for our nation, we must shift our focus from oil dependency to a diversified economy that leverages our strengths.”

“By harnessing our agricultural resources, local manufacturing capabilities, and burgeoning technology sector, we can create a robust economic framework that supports sustainable growth,” he added.

According to him, the proposed strategy includes initiatives to support small and medium-scale enterprises (SMEs) and enhance infrastructure.

“Fostering innovation and entrepreneurship is key to creating jobs and improving living standards across the country,” he explained, outlining the multi-faceted approach needed to stimulate economic activity.

“Embracing a multi-faceted economic approach can mitigate the risks associated with global oil price fluctuations,” Prof. Oyelaran-Oyeyinka further emphasised.

He urged, “We must collaborate to build an industrialised economy that is not only sustainable but also equitable. This is not just a plan; it is a movement toward a brighter future for all Nigerians.”

Vanguard News