Nigeria Urged to Shift Economic Model
Analysis based on 16 articles · First reported Feb 05, 2026 · Last updated Feb 06, 2026
The market is impacted by the call for Nigeria to shift its economic strategy from raw material exports to innovation-driven growth, potentially signaling future policy changes that could affect various sectors. Positive sentiment is generated by the proposed reforms and the potential for increased economic complexity and diversification in Nigeria.
Dr. Zacch Adedeji, Chairman of the Nigeria===Nigeria Revenue Service, delivered a lecture at Obafemi Awolowo University, urging Nigeria to abandon its heavy reliance on raw material exports. He advocated for an innovation-driven, export-led economic model focused on producing complex goods to achieve sustainable growth and shared prosperity. Adedeji highlighted Nigeria's stagnant export performance and distorted economic structure, contrasting it with successful transformations in countries like Vietnam, Bangladesh, and Indonesia. He warned against the 'resource curse,' citing South Africa and Brazil as examples of industrial decline due to over-dependence on natural resources. Adedeji commended President Bola Tinubu's economic reforms, expressing optimism that with the right policies, Nigeria can transition from unrealized potential to lasting prosperity.
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