Nigeria’s export drive has remained largely stagnant for decades, with the country adding only a few new products to what it sells to the rest of the world, the Chairman of the Nigeria Revenue Service (NRS), Dr. Zacch Adedeji, has said.
Adedeji disclosed that between 1998 and 2023, Nigeria made little progress in expanding its export base, adding just six new products to its export list between 2008 and 2023. He said this slow pace shows the need for a major change in how the country approaches economic growth.
The NRS boss made the remarks while delivering a lecture titled “From Potential to Prosperity: Export-led Economy” at the maiden distinguished personality lecture of the Faculty of Administration, Obafemi Awolowo University (OAU), Ile-Ife, Osun State, on Thursday.
A statement issued by his Special Adviser on Media, Mr. Dare Adekanmbi, said Adedeji called on Nigeria to move away from heavy dependence on exporting raw materials and instead focus on ideas, innovation and the production of more advanced goods.
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According to him, producing more of the same raw materials will not take the country far in today’s global economy.
“Nigeria today has a high-tech oil sector and a large low-productivity informal sector, but lacks a strong industrial base that can absorb labour and help the economy move to a higher level,” Adedeji said.
He said global studies show that Nigeria currently has limited opportunities to diversify its economy using existing strengths.
“Because of our current position, the Harvard Atlas concluded that we are positioned to take advantage of very few opportunities to diversify using what we already know,” he said.
Adedeji urged Nigeria to study countries that have recorded strong export-led growth, including Vietnam, Bangladesh, Indonesia, South Africa and Brazil, to understand what works and what does not.
“We are not just looking at numbers in isolation. We are studying the choices made by countries like Vietnam, Indonesia, Bangladesh, Brazil and South Africa over the last 25 years,” he said.
He explained that while many countries struggle economically in different ways, those that succeed often follow a similar path by deliberately building more complex and productive economies.
“When we compare their experiences, the difference is clear. Vietnam used global trade to build a strong and diversified economy, while others remained dependent on natural resources or a single low-tech sector,” Adedeji said.
He said one key lesson for Nigeria is that avoiding overdependence on natural resources is not enough.
“You need a clear and active plan to build productive capacity,” he said.
Using Vietnam as an example, Adedeji explained that the country succeeded by positioning itself within global value chains, especially in electronics manufacturing.
“Vietnam became an assembly hub for the world’s electronics. They imported advanced components and exported finished products,” he said. “In the process, they gained technology and management skills that helped them build their own capacity.”
He said Nigeria, by contrast, remains mostly a supplier of raw materials to global value chains rather than an active player within them.
Adedeji warned that productive strength can be lost if countries are not careful, citing South Africa and Brazil as examples.
“These cases show that you can lose your industrial edge. When countries rely too much on easy income from natural resources, it discourages the long-term work needed to build a strong industrial base,” he said.
For Nigeria, which is less diversified than many of these countries, he said the risks are even greater.
“Depending only on our natural resources is not just a road to slow growth, it is a road backwards,” Adedeji said. “The global economy now rewards knowledge, skills and complexity, not just what you can extract from the ground.”
He said if Nigeria truly wants to move from potential to prosperity, it must stop being known only for raw materials and begin to stand out for ideas, innovation and advanced products.
Adedeji also said President Bola Ahmed Tinubu has started the difficult process of rebuilding the economy to support innovation, production and long-term resilience.
“The journey from potential to prosperity will not be easy or quick, but with the right direction and determination, it is a journey Nigeria can complete,” he said.
