Nigeria must urgently diversify its economy to ensure long-term stability and industrial growth, warns Professor Banji Oyelaran-Oyeyinka, Senior Special Adviser on Industrialisation to the President of the African Development Bank (AfDB).
In an interview with *Vanguard* in Ibadan, Oyelaran-Oyeyinka outlined a strategy to reduce Nigeria’s dependence on oil, stressing that continued reliance on crude exports exposes the country to economic shocks from global price fluctuations.
“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,” he said.
He identified agriculture, local manufacturing, and the technology sector as key areas for development, arguing that an economy built on multiple pillars would be more resilient.
A Roadmap for Industrial Growth
The AfDB adviser called for targeted initiatives to support small and medium-scale enterprises (SMEs), improve infrastructure, and foster innovation.
“Fostering entrepreneurship is key to creating jobs and improving living standards across the country,” he explained. “A multi-faceted economic approach can mitigate the risks associated with global oil price fluctuations.”
He urged stakeholders across sectors to collaborate in building an industrialized economy that is both sustainable and equitable.
“This is not just a plan; it is a movement toward a brighter future for all Nigerians,” he said.
With oil revenues increasingly unstable, Oyelaran-Oyeyinka’s call for diversification echoes a growing consensus that Nigeria’s economic future hinges on broad-based industrial development.
