9mobile CEO urges Nigeria to harness technology, agriculture for economic diversification

9mobile’s CEO, Obafemi Banigbe, underscores the critical role of technology, agriculture, and fintech in driving Nigeria’s non-oil export growt

[dropcap]A[/dropcap]t the 2024 BNI National Business Conference in Abeokuta, Ogun State, Obafemi Banigbe, Chief Executive Officer of 9mobile, stressed the urgent need for Nigeria to diversify its economy by focusing on non-oil sectors such as technology, agriculture, and fintech.

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Banigbe pointed out that Nigeria’s over-reliance on oil has made the country vulnerable to global economic shocks and recessions, urging a strategic shift towards sustainable alternatives.

In his address, Banigbe remarked, “Nigeria’s dependence on oil exposes us to economic risks. Diversifying into other sectors will reduce these risks, create jobs, and generate foreign exchange. The current depreciation of the Naira is a stark reminder of the need for diversification.”

He emphasized the crucial role of technology, agriculture, and manufacturing in driving Nigeria’s non-oil export growth.

Banigbe highlighted Nigeria’s booming technology sector, stating that it has immense potential to become the country’s largest export.

“Nigeria is home to one of the world’s most vibrant tech ecosystems, with over 500 active startups and a large consumer market of 200 million people,” Banigbe explained.

He identified key cities like Lagos, Abuja, Ibadan, Kano, and Aba as tech hubs, with Lagos being Africa’s most valuable startup ecosystem, valued at $2 billion.

Beyond technology, Banigbe underscored the importance of agriculture in driving economic growth and providing employment.

“Agriculture accounts for 35% of Nigeria’s employment and contributes significantly to GDP. With the right investment, this sector can become a key driver of economic diversification,” he stated.

He further discussed other non-oil opportunities, such as fintech, which has transformed the payment systems in Nigeria and globally.

Companies like Flutterwave, Paystack, and PiggyVest have led this revolution. Additionally, Banigbe highlighted the growing influence of e-commerce and education technology, which have created new avenues for small businesses and learning platforms.

“Fintech, e-commerce, and edtech are opening new opportunities for entrepreneurship and innovation. At 9mobile, we aim to position ourselves as enablers of Nigeria’s creative and innovative economy,” Banigbe concluded.

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The conference, which featured Nigeria’s former President, Chief Olusegun Obasanjo, as the Special Guest of Honour, also saw contributions from other notable figures, including Dr. Adebola Olubanjo FCA and Chief Abiodun Lasile, representing Chief Kola Akosike of Oduacimma.