Nigeria’s Economic Future Hinges on Diversification, Say Experts at Lagos Forum.


Lagos: An economic group, The Sixteenth Council, has highlighted Nigeria’s potential to emerge as a leader in Africa, contingent upon bold and decisive actions in economic diversification. This statement was made by economic experts and business professionals during the 2024 Nigeria Forum and The Brian Reuben Awards held recently in Lagos.

According to News Agency of Nigeria, Dr. Brian Reuben, the Executive Chairman of The Sixteenth Council, addressed the audience on the theme ‘Mapping the Future of Nigeria’s Economic Development Amidst Uncertainty.’ He underscored the necessity for the Nigerian Federal Government to intensify its efforts in diversifying the economy. Dr. Reuben emphasized that although the path forward is fraught with challenges, it also presents opportunities for transformative change, enabling Nigeria to rise as a leader both in Africa and globally.

Dr. Reuben pointed out that Nigeria’s economy is not immune to global events and is simultaneously grappling with domestic challenges such as
security threats, inflationary pressures, policy inconsistency, and structural inefficiencies. He noted that while these challenges are significant, they are not insurmountable, and addressing them would require a bold, consistent, and long-term vision.

He further elaborated on the importance of breaking Nigeria’s overreliance on oil revenues by diversifying into sectors like agriculture, technology, and services, which hold immense potential for driving economic expansion. Dr. Reuben also highlighted the African Continental Free Trade Agreement (AfCFTA) as a crucial tool for expanding Nigeria’s trade portfolio and deepening intra-African commerce.

Investment in technological innovation, infrastructure, and skills development, particularly for the youth, was also emphasized as vital for positioning Nigeria as a key player in the global digital economy. Dr. Reuben advocated for fiscal discipline, debt management, and attracting private sector investments through public-private partnerships to drive infrastru
cture development without overburdening government resources.

Prof. Fabian Ajogwu, in his keynote address on ‘Building Enduring Public Institutions through Corporate Governance Best Practices,’ stressed the importance of transparency, accountability, ethical leadership, and sustainability in governance. He called for independent oversight mechanisms, sustainability institutionalization, and enhanced stakeholder engagement to improve governance practices in Nigeria’s public sector.

Mrs. Ini Abimbola and Dr. Folakemi Fadahunsi, other notable speakers at the event, echoed the need for trust, transparency, and leadership sympathetic to business survival and environmental concerns. The forum featured discussions on various topics aimed at strengthening Nigeria’s economic resilience and governance practices.

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