Lagos State Governor, Babajide Sanwo-Olu, has described creative arts, technology, and agriculture as key sectors that can drive Nigeria’s economic recovery and reduce its dependence on crude oil.
Speaking at the 36th Convocation Lecture of Yaba College of Technology (YABATECH) on Tuesday, Sanwo-Olu described these industries as “Nigeria’s new crude oil,” urging the nation to harness their export potential.
Delivering the lecture themed “Developing Exportable Alternatives for Nigeria’s Economic Recovery”, the governor stressed that decades of reliance on crude oil exports and importation of finished goods had left the country vulnerable to foreign exchange crises.
He said, “The fundamental issue at the root of our lingering economic situation is the crisis of foreign exchange, stemming from our overdependence on crude oil and gas.
“Diversifying our export base is not just an option—it’s an urgent imperative.”
A Tuesday press release signed by the governor’s Special Adviser, Media and Publicity, Gboyega Akosile, titled, “Creative Arts, Technology Are New Nigeria’s Crude Oil – Sanwo-Olu.”
The event, attended by dignitaries including Vice President Senator Kashim Shettima (represented by Mr Tope Fasua, Special Adviser on Economic Affairs), academics, and private sector leaders, underscored the urgency of economic diversification.
New game-changers
Sanwo-Olu noted that agricultural exports, like cocoa, hold significant potential but lamented the lack of value addition.
“Cocoa beans accounted for 23.18% of the $2.7 billion earned in non-oil exports in the first half of 2024, yet we export it raw.
“This shortchanges our economy. We must prioritise processing our raw materials to reap full value,” he stated.
Highlighting the creative arts sector, he described Afrobeats and Nollywood as two of Nigeria’s biggest cultural exports, transforming global markets and earning international acclaim, including Grammys.
“Our arts and creative industries are not just promising; they are redefining global cultural landscapes.
“We must maximise this potential to position Nigeria as a global leader,” he said.
In technology, the governor emphasised innovation-driven growth.
“YABATECH has built a reputation as a hub for innovation and creative excellence.
“Graduating students must leverage their knowledge to redefine Nigeria’s export economy,” he charged.
Leadership role in economic recovery
Meanwhile, Sanwo-Olu lauded President Bola Tinubu’s administration for taking bold steps toward economic reforms, citing data from the Nigerian Export Promotion Council (NEPC) as evidence of progress.
He called for continued investments in policies that foster innovation, industrialisation, and the development of export-oriented industries.
Encouraging the graduating students, Sanwo-Olu said, “As you leave these hallowed grounds, aspire to be changemakers.
“Proceed audaciously with the mindset of value creators who will transform Nigeria into a nation thriving on innovation and shared prosperity.”
YABATECH Rector, Dr. Ibraheem Abdul, commended the governor’s lecture, describing it as “thought-provoking and timely.”
He said the discourse aligned with national efforts to leverage non-oil alternatives for economic growth.
“This theme bridges the gap between academic knowledge and real-world application,” the rector added.
According to the governor, as Nigeria continues its path toward economic recovery, the creative arts, technology, and agriculture stand as pivotal sectors to unlock the count ry’s vast potential and build a resilient economy.