The Chief Executive Officer of 9mobile, Obafemi Banigbe, has emphasised the critical role of technology, agriculture, manufacturing, and creative sectors in driving Nigeria’s non-oil export growth.

Speaking at the 2024 BNI National Business Conference held in Abeokuta, Ogun State, Banigbe stressed the importance of diversifying Nigeria’s economy through these key sectors.

He said: “Nigeria’s over-dependence on oil has made the country highly vulnerable to global economic shocks and recession. We must diversify our economy to mitigate these risks. By doing so, we can tap into global opportunities and reduce our susceptibility to economic downturns. The impact of the Naira’s depreciation is a stark reminder of the need for diversification. The Naira has lost significant value compared to its worth just a few years ago, affecting everyone. Diversification is no longer just a strategic option; it is essential for creating jobs, generating foreign exchange, and strengthening our economy’s resilience.”

Banigbe explained that “Nigeria is home to one of the world’s most vibrant technology ecosystems, and its tech industry is growing at an incredible pace, making it the fastest-growing sector in the country. With a dynamic young population and an increasing demand for digital solutions, Nigeria’s tech ecosystem has immense potential to drive non-oil growth and become the nation’s biggest export.

“The country’s tech ecosystem is characterized by a large consumer market of over 200 million people, with more than 500 active and viable startups, and a rapidly growing tech industry. Lagos, Abuja, Ibadan, Kano, and Aba are key startup cities, with Lagos being the most valuable startup ecosystem in Africa, valued at $2 billion.”

He further stated that Agriculture has the potential to drive growth and provide livelihoods for millions of Nigerians. The sector accounts for up to 35 per cent of total employment in Nigeria and contributes significantly to the country’s GDP. With the right investment and support, agriculture can become a key driver of Nigeria’s economic diversification.

Other non-oil opportunities that can be explored include the Fintech companies which have changed the payment system in Nigeria and globally, electronic commerce which has so far created more SMEs than we have seen in the last decade and Education technology which has become more popular with the advent of COVID-19.

“9mobile is seeking to explore some of these opportunities to position itself as the enabler of the creative and innovative economy,” Banigbe added.