Nigeria Urged to Shift from Raw Material Exports for Sustainable Economic Growth

Zacch Adedeji, Chairman of Nigeria Revenue Service, emphasized in a lecture at Obafemi Awolowo University the need for Nigeria to move away from its dependence on raw material exports towards innovative and complex products for sustained economic growth. Adedeji highlighted Nigeria's lack of progress in diversifying its export basket over the past 25 years, contrasting it with countries like Vietnam, Indonesia, and Brazil that successfully integrated into global value chains.

He warned that Nigeria's heavy reliance on raw material exports could lead to long-term regression unless proactive strategies to build product capabilities are implemented.