Ogun State Governor, Prince Dapo Abiodun, emphasised the necessity of steering Nigeria's economy towards sustainability by shifting focus from oil to the non-oil sector.
Speaking at the 6th Senator Abiola Ajimobi Roundtable and 74th Posthumous Birthday, Governor Abiodun stressed the importance of diversification into mineral resources, agriculture, manufacturing, tourism, and technology.
Highlighting the global move away from fossil fuels, he urged Nigeria to explore alternative revenue sources. Governor Abiodun pointed out the untapped potential in Nigeria's over 40 commercially viable mineral and natural resources, estimated to be valued at over $1 trillion. He cited Ogun State as an example, boasting over 15 natural mineral resources yet predominantly mining limestone, granite, and laterite.
The governor envisioned the possibilities if the country harnessed other solid minerals like gold, lithium, tantalite, tin, and barite, emphasising the potential through value-chain addition. The theme of the roundtable, "Re-engineering Nigeria For Sustainable Development: Options, Costs and Prospects," aligned with factors such as youth engagement, international collaboration, technological advancement, and innovation to accelerate economic diversification and growth.
Governor Abiodun expressed concern over Nigeria's over-reliance on oil exports, calling it unsustainable due to the volatility of oil prices. He identified the need for re-engineering the country, acknowledging the abundant resources and youthful population as a solid foundation. However, he underscored the imperative to address challenges like infrastructure deficits and economic diversification.
In his keynote address, the Minister for Power, Chief Adebayo Adelabu, attributed Nigeria's challenges to leadership and fellowship issues. He emphasised the importance of quality leadership, suggesting a focus on education, youth development, technical training, and revitalising the health and power sectors. Adelabu highlighted the departure of many multinationals due to the high cost of doing business in Nigeria.
The event's moderator, Tajudeen Akanji, emphasised the need for broad education, reasonable income, a functional middle class, effective administration, social services, and respect for the rule of law to re-engineer the country despite its wealth, combating prevalent poverty.