Mr Obafemi Banigbe, Chief Executive Officer (CEO) of 9mobile, on Wednesday emphasised the critical role of technology, agriculture, manufacturing and the creative sectors in driving Nigeria’s non-oil export growth.
A statement made available to newsmen stated that Banigbe made this known at the 2024 BNI National Business Conference held recently in Abeokuta, Ogun State.
The chief executive officer stressed the importance of diversifying Nigeria’s economy through these key sectors.
“Nigeria’s over dependence on oil has made the country highly vulnerable to global economic shocks and recession.
“It is crucial that we diversify our economy to mitigate these risks. By doing so, we can tap into global opportunities and reduce our susceptibility to economic downturns.
“The impact of the Naira’s depreciation is a stark reminder of the need for diversification.
“The Naira has lost significant value compared to its worth just a few years ago, affecting everyone.
“Diversification is no longer just a strategic option; it is essential for creating jobs, generating foreign exchange and strengthening our economy’s resilience,” he said.
Banigbe explained that Nigeria was home to one of the world’s most vibrant technology ecosystems, adding that its tech industry was growing at an incredible pace.
He highlighted the growing technology ecosystem in Nigeria, citing the success of fintech companies like Flutterwave and Paystack.
“Other non-oil opportunities which can be explored include the Fintech companies which have changed the payment system in Nigeria and globally.
“Electronic commerce has also so far created more Small and Medium Enterprises (SMEs) than we have seen in the last decade and education technology has become more popular with the advent of COVID-19.
“9mobile is seeking to explore some of these opportunities to position itself as the enabler of the creative and innovative economy.
“Beyond oil, Nigeria has a plethora of untapped opportunities waiting to be harnessed.
“Key areas of focus include Fintech which is revolutionising payment systems locally and globally with companies like Flutterwave, Paystack and PiggyVest leading the charge,” he said.
Banigbe added that e-commerce had the potential to fuel the growth of SMEs, and the impact of education technology on learning outcomes.
“Agriculture, too, has immense potential to drive growth and provide livelihoods for millions of Nigerians.
“It is becoming the fastest-growing sector in the country with a dynamic young population and an increasing demand for digital solutions.
“Nigeria’s tech ecosystem has immense potential to drive non-oil growth and become the nation’s biggest export,” he said.
The 9mobile boss noted that the country’s tech ecosystem was characterised by a large consumer market of over 200 million people.
He noted that with more than 500 active and viable start-ups, as well as a rapidly growing tech industry, Lagos, Abuja, Ibadan, Kano and Aba were key start-up cities.
Banigbe said that Lagos was the most valuable startup ecosystem in Africa, valued at $2 billion.
He reiterated Agriculture’s potential to drive growth and provide livelihoods for millions of Nigerians.
“The sector accounts for up to 35% of total employment in Nigeria and contributes significantly to the country’s Gross Domestic Product.
“With the right investment and support, agriculture can become a key driver of Nigeria’s economic diversification.
“E-commerce is currently fueling the growth of SMEs with platforms like Jumia, Konga and Opay creating new avenues for entrepreneurship.
“Education Technology is also transforming learning experiences with innovative solutions from companies like uLesson, Roducate, and Tuteria.
“We at 9mobile are committed to exploring these opportunities, positioning ourselves as a catalyst for Nigeria’s creative and innovative economy,” Banigbe stressed.
The News Agency of Nigeria (NAN) reports that the 2024 BNI National Business Conference featured distinguished speakers, such as Nigeria’s former President, Chief Olusegun Obasanjo, who was the Special Guest of Honour,
Other notable figures include Dr. Adebola Olubanjo FCA, and Chief Kola Akosike of Oduacimma represented by Chief Abiodun Lasile. (NAN)
