The Chief Executive Officer of 9mobile, Mr Obafemi Banigbe, emphasized the critical role of technology, agriculture, manufacturing, and the creative sectors in driving Nigeria’s non-oil export growth.
Banigbe made this known during the 2024 BNI National Business Conference, recently held in Abeokuta, Ogun State, according to a statement made available to newsmen.
In his address, Banigbe highlighted the need to diversify Nigeria’s economy, particularly away from oil dependency, which has made the country vulnerable to global economic shocks and recessions.
“Nigeria’s over-dependence on oil has made the country highly susceptible to global economic downturns. Diversifying our economy is essential to mitigate these risks, tap into global opportunities, and reduce our susceptibility to economic challenges,” Banigbe said.
He pointed out that the depreciation of the Naira serves as a stark reminder of the urgent need for diversification, noting that the currency has lost significant value in recent years, impacting the entire population.
“Diversification is no longer just a strategic option; it is essential for creating jobs, generating foreign exchange, and strengthening the resilience of our economy,” he stressed.
Banigbe went on to praise Nigeria’s vibrant and fast-growing technology ecosystem, citing the success of fintech companies such as Flutterwave and Paystack as examples of the sector’s potential.
“Nigeria is home to one of the world’s most dynamic technology ecosystems, with fintech companies like Flutterwave and Paystack revolutionizing payment systems both locally and globally,” he said.
He also pointed out that e-commerce has created more Small and Medium Enterprises (SMEs) than in the previous decade, while education technology has gained prominence since the advent of COVID-19.
“9mobile is actively exploring these opportunities to position itself as an enabler of the creative and innovative economy. Beyond oil, Nigeria has a plethora of untapped opportunities waiting to be harnessed,” Banigbe added.
The CEO highlighted agriculture as another key area with immense potential to drive growth and provide livelihoods for millions of Nigerians. He noted that it is currently one of the fastest-growing sectors, driven by a young, dynamic population and an increasing demand for digital solutions.
Banigbe stated that Nigeria’s tech ecosystem, with a large consumer market of over 200 million people and more than 500 active startups, holds the potential to become the nation’s biggest export. He identified Lagos, Abuja, Ibadan, Kano, and Aba as key startup cities, with Lagos boasting the most valuable startup ecosystem in Africa, valued at $2 billion.
Reiterating the potential of agriculture, Banigbe said, “The sector accounts for up to 35% 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.”
He also highlighted the impact of e-commerce platforms like Jumia, Konga, and Opay in fueling SME growth, and how education technology companies such as uLesson, Roducate, and Tuteria are transforming learning experiences.
“We at 9mobile are committed to exploring these opportunities, positioning ourselves as a catalyst for Nigeria’s creative and innovative economy,” Banigbe emphasized.
The 2024 BNI National Business Conference featured distinguished speakers, including Nigeria’s former President, Chief Olusegun Obasanjo, as the Special Guest of Honour. Other notable attendees included Dr. Adebola Olubanjo FCA and Chief Kola Akosike of Oduacimma, represented by Chief Abiodun Lasile.
