Creative arts, technology, agriculture: Nigeria’s new economic pillars, says Sanwo-Olu
Lagos State Governor Babajide Sanwo-Olu has highlighted the creative arts, technology, and agriculture as key sectors to propel Nigeria’s economic recovery, describing them as the “new crude oil” for the nation.
Speaking at the 36th Convocation Lecture of Yaba College of Technology (YABATECH) in Lagos on Tuesday, the Governor urged the nation to prioritize non-oil exports to diversify the economy and mitigate its dependence on crude oil.
Delivering a lecture themed “Developing Exportable Alternatives for Nigeria’s Economic Recovery,” Sanwo-Olu underscored the need to tap into Nigeria’s export potential to address the persistent foreign exchange crisis.
The event was attended by Vice President Senator Kashim Shettima, represented by Presidential Adviser on Economic Affairs, Mr. Tope Fasua, alongside academics, industry leaders, and students.
The Governor attributed Nigeria’s economic challenges to decades of over-reliance on crude oil and imported finished goods, which have created vulnerabilities in foreign exchange earnings.
Highlighting the historical shift away from agricultural exports such as cocoa, groundnut, cotton, and oil palm, he lamented the missed opportunities to harness the country’s non-oil wealth.
Sanwo-Olu called for a strategic focus on agriculture, technology, and creative arts as critical sectors to drive economic growth.
“Diversifying our export base from oil and gas is an urgent imperative for a country serious about economic growth and lifting millions out of poverty,” Sanwo-Olu said. “It has been urgent for decades, yet we have continued as though all is well.”
He highlighted the economic promise of Afrobeats and Nollywood, describing them as Nigeria’s most influential cultural exports. From Grammy-winning artists to transformative impacts on the international creative market, these industries, he said, showcase the global potential of local talent.
Sanwo-Olu also stressed the need to add value to agricultural products, noting that 23.18% of the $2.7 billion earned in exports in the first half of 2024 came from cocoa beans. However, the commodity was largely exported unprocessed, depriving the country of its full economic potential.
“There is no value or pride in exporting raw materials. Processing our products locally will enable us to reap the full benefits,” he added.
Addressing the graduating students of YABATECH, the Governor emphasized their role in Nigeria’s transformation. He commended the institution for its contributions to innovation and urged the graduates to channel their skills toward building a self-reliant economy.
“As you leave these hallowed grounds, proceed with the mindset of value creators, not just job seekers,” Sanwo-Olu said. “Together, we can redefine Nigeria’s role on the global stage and thrive on innovation, industrialisation, and shared prosperity.”
He pledged the Lagos State Government’s commitment to developing platforms for workforce training and innovation, aligning with Africa’s potential as a major source of global labor in the 21st century.
The institution’s Rector, Dr. Ibraheem Abdul, described the Governor’s lecture as “thought-provoking” and aligned with the Federal Government’s efforts to diversify the economy. He noted that the lecture’s theme bridged academic knowledge with real-world solutions.
