Lagos State Governor, Mr. Babajide Sanwo-Olu, has stressed the need for Nigeria to focus more on export-driven economy, in order to improve the economy of the nation, noting that one of the fundamental issues at the root of the country’s lingering economic situation is foreign exchange crisis.
Governor Sanwo-Olu, however, gave kudos to President Bola Ahmed Tinubu’s administration for laying the foundation to improve the exporting capacity to turn Nigeria’s economy round.
The governor stated this, on Tuesday, while speaking as the guest lecturer at the 36th Convocation Ceremony of Yaba College of Technology, Yaba, Lagos on the topic: “Developing Exportable Alternatives for Nigeria’s Economic Recovery,” sadly noting that the over-dependence on crude oil and gas had done far more harm than good to the economy, and to Nigerians’ mindsets.
“This crisis takes two main forms: first is the monopoly of crude oil and gas on our foreign exchange earnings. Our over-dependence in this way has done far more harm than good to the economy, and to our mindsets as a people,” he said.
“As we gradually but steadily make our way into the phase of recovery, one of the most important things we can do as a people and a nation, is to increase the focus on our export capacity and potential,” he said.
Governor Sanwo-Olu insisted that Nigeria should rather focus on exporting processed materials and not just raw materials, saying that was the only way it can take better advantage of her exportation.
According to him, countries that prosper from natural resources are the ones that process and add value to it before exporting it, pointing out that oftentimes these were not even the countries in which those natural resources were to be found most abundantly.
This was just as he noted that President Tinubu had emerged at a most auspicious moment in the nation’s journey, when, more than ever before, very tough and difficult decisions needed to be taken to shift the country away from the path of economic underperformance, onto the enduring path of productivity and prosperity.
“Now, a caveat is necessary here. When I speak about agricultural exports, I do not mean raw materials and unprocessed goods. If there is one lesson we have learnt over many decades, it is that there is no value or pride in exporting raw materials to the world.
“The countries that prosper from natural resources are the ones that process and add value to it before exporting it. And oftentimes these are not even the countries in which those natural resources are to be found most abundantly.
“President Bola Tinubu has emerged at a most auspicious moment in our national journey, a time when, more than ever before, very tough and difficult decisions need to be taken to shift the country away from the path of economic underperformance, onto the enduring path of productivity and prosperity,” the governor stated.
Speaking further, Governor Sanwo-Olu explained that for industries in Nigeria to strive, the government needed to put in place all the needed infrastructure to enhance their performance, assuring that his administration was doing that by providing the needed social facilities.
“One of the biggest areas of concentration and intervention for us is in infrastructure, especially transport and logistics. We played a key role in the development of the Lekki Deep Sea Port, Nigeria’s first Deep Sea Port, and West Africa’s most modern port complex; including holding a 20 percent stake in the transformational project,” he said.
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