Okoigun Advocates Knowledge Economy Over Oil Dependence

Alfr Okoigun, the founder of Arco Group PLC, called for an urgent shift in Nigeria's economic strategy from dependence on oil to a knowledge-driven economy. Speaking at the Nigerian Academy of Engineering dinner in Abuja, he delivered a keynote lecture titled "Resource Wealth, Knowledge Wealth: A Science Nation." Okoigun argued that Nigeria's long-term prosperity relies on its ability to invest in science, engineering, research, and human capital.

He noted that while Nigeria is rich in natural resources, countries that have achieved economic growth have prioritized knowledge and innovation. He cited examples of South Korea, Singapore, and China, which have transformed their economies through sustained investment in education and technology.

Okoigun lamented Nigeria's focus on exploiting natural resources at the expense of building a strong scientific and technological base. He stressed that Nigeria's greatest asset is its people, not its oil reserves, and called for coordinated national strategies involving government, universities, and the private sector to enhance technological innovation and competitiveness.