Creative Arts, Technology Are Nigeria’s New Crude Oil Says Sanwo-Olu
By: Olufemi Orunsola
The Executive Governor of Lagos State, Mr. Babajide Sanwo-Olu, has described creative arts, technology, and agriculture as key sectors that can drive Nigeria’s economic recovery, reducing its dependence on crude oil, given the great potentials they command in today's global market.
Sanwo-Olu made this known while speaking at the 36th Convocation Lecture of Yaba College of Technology (YABATECH) on Tuesday, stating that these outstanding sectors are indeed “Nigeria’s new crude oil."
The governor of the aquatic state dubbed Nigeria's Centre of Excellence, urged the leadership rank is and files in the country to explore, exploit and harness the untapped export potentials of the creative arts, technology and agriculture to fast track the country's economic recovery and prosperity.
OPEN TELEVISION NAIJA)OTN) News reports that the event, attended by dignitaries including Vice President Senator Kashim Shettima (represented by Mr Tope Fasua, Special Adviser on6 Economic Affairs), academics, and private sector leaders, underscored the urgency of economic diversification.
Sanwo-Olu who delivered the lecture themed “Developing Exportable Alternatives for Nigeria’s Economic Recovery”, emphasized that decades of reliance on crude oil exports and importation of finished goods had plunged the country into the dungeon of current foreign exchange crises ravaging her economy.
According to him “The fundamental issue at the root of our lingering economic situation is the crisis of foreign exchange, stemming from our over dependence on crude oil and gas", noting further that agricultural exports, like cocoa, hold significant potential but lamented the lack of value addition.
He recalled that “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 prioritisefood commodities which is why processing our raw materials to reap full value,” he stated.
Governor Sanwo-Olu specifically identified 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," he pointed out.
He therefore called for the maximization of the great potentials of the highlighted potentials in order to position Nigeria as a global leader.
Speaking further, the governor maintained that "YABATECH has built a reputation as a hub for innovation and creative excellence, noting that "Graduating students must leverage their knowledge to redefine Nigeria’s export economy."
“As you leave these hallowed grounds, aspire to be changemakers," Sanwo-Olu charged the graduates.
“Proceed audaciously with the mindset of value creators who will transform Nigeria into a nation thriving on innovation and shared prosperity.”
In his own speech, the Rector, YABATECH, Dr. Ibraheem Abdul, commended the governor for doing justice to the lecture, describing it as “thought-provoking and timely," adding that 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 concluded.
In addition, Sanwo-Olu lauded President Bola Tinubu’s administration for taking bold steps towards economic reforms, citing data from the Nigerian Export Promotion Council (NEPC) as empiric evidence that the country has started to make some significant progress in its drive for exploring the non-crude oil exportation options and potentials at its disposal.
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