Nigeria is making significant strides in diversifying its economy beyond oil, and four key sectors are leading the charge: Technology, Agriculture, Manufacturing, and Creative industries. According to Obafemi Banigbe, CEO of 9mobile, these sectors have the potential to drive sustainable non-oil export growth and reduce the country’s vulnerability to global economic shocks.
Banigbe emphasized the importance of diversification at the 2024 BNI National Business Conference, highlighting the immense potential of Nigeria’s tech ecosystem, which is growing rapidly and has the potential to become the nation’s biggest export. He cited the example of Nigeria’s tech industry, which is growing at an incredible pace and has already produced successful startups like Flutterwave, Paystack, and PiggyVest.
In addition to Technology, Banigbe stressed the significance of Agriculture, which accounts for up to 35% of total employment in Nigeria and contributes substantially to the country’s GDP. He noted that with the right investment and support, Agriculture can become a key driver of Nigeria’s economic diversification.
Other non-oil opportunities include Fintech, E-commerce, and Education Technology, which are transforming payment systems, fueling SME growth, and revolutionizing learning experiences. Banigbe highlighted the success of companies like Jumia, Konga, and Opay in the E-commerce space, and the impact of Education Technology on learning outcomes.
9mobile is committed to exploring these opportunities and positioning itself as a catalyst for Nigeria’s creative and innovative economy. Banigbe emphasized the company’s dedication to supporting startups and entrepreneurs in these sectors, and its commitment to investing in the necessary infrastructure to support their growth.