Nigeria Urged to Shift from Raw Exports to Innovation-Led Growth for Economic Prosperity

Dr. Zacch Adedeji, Chairman of the Nigeria Revenue Service, delivered a lecture at Obafemi Awolowo University, urging Nigeria to transition from raw material exports to innovation-driven growth.

He highlighted the stagnation of Nigeria's export sector over nearly three decades and emphasized the importance of developing a complex industrial base. Adedeji cited countries like Vietnam, Bangladesh, and South Africa as successful examples of transitioning to prosperous economies through building product capabilities.

He warned against Nigeria's heavy reliance on natural resources, which could lead to economic regression. Adedeji stressed the global shift towards rewarding knowledge, innovation, and complex products over raw material extraction.

He commended President Bola Tinubu's efforts to rebuild the economy with a focus on innovation and resilience. Adedeji's call for a fundamental economic shift aims to position Nigeria for sustained growth and prosperity.