The Chairman of the Nigeria Revenue Service (NRS), Zacch Adedeji, has called for a radical overhaul of Nigeria’s economic strategy, warning that the country’s reliance on raw material exports threatens long-term prosperity.
Adedeji made the appeal on Thursday during the maiden distinguished personality lecture of the Faculty of Administration, Obafemi Awolowo University (OAU), Ile-Ife, Osun State, titled “From Potential to Prosperity: Export-led Economy.”
The NRS chief lamented that Nigeria’s economy is characterised by a high-tech oil sector juxtaposed with a low-productivity informal sector, and a lack of a “vibrant, labour-absorbing industrial base” capable of driving economic complexity.
“Between 1998 and 2023, Nigeria’s export drive stagnated. Shockingly, only six new products were added to our export basket between 2008 and 2023,” Adedeji noted.
He added that global analyses, including a Harvard Atlas study, indicate that Nigeria currently leverages very few opportunities for diversification.
Adedeji urged policymakers to study the global success of countries like Vietnam, Bangladesh, Indonesia, Brazil, and South Africa.
“Vietnam transformed itself into a hub for electronics assembly, integrating into global value chains, and in the process, ‘borrowed’ technology and management skills to build its own know-how. Nigeria, by contrast, remains a raw material supplier, not an active participant,” he said.
He stressed that over-reliance on natural resources creates economic and political incentives that undermine industrialisation.p “Relying solely on our natural endowments isn’t just a path to stagnation; it’s a path to regression.
The global economy rewards knowledge, innovation, and complexity—not just what you can dig out of the ground,” Adedeji warned.
The NRS boss lauded President Bola Tinubu’s efforts to reposition the economy for long-term resilience.
“The journey from potential to prosperity is not a short one, but with the right map and resolve, it is a journey we can finally complete,” he said.
Adedeji urged Nigeria to pivot towards ideas-driven production and complex exports to secure sustainable growth and global competitiveness.
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