According to the Nigerian Export Promotion Council (NEPC), the country’s economy can prosper without oil provided the non-oil industry is prioritized.

    Mr. Samson Idowu, the North Central Zonal Coordinator of the Nigerian Export Promotion Council (NEPC), emphasized the potential of Nigeria’s non-oil sector for economic growth.

    He stated, “If you look at the countries doing well globally today, they are not countries that are rich in oil.” Idowu argued that Nigeria’s abundance of non-oil resources, including agriculture and minerals, presents an opportunity for development.

    He further added, “I can boldly say that we excelled without oil and we will thrive and even better if there is no oil.” Idowu’s views, as reported by the News Agency of Nigeria (NAN), highlight the need to prioritize and invest in sectors beyond oil.

    In his interview with NAN, Mr. Idowu drew attention to historical examples of Nigeria’s past success without heavy reliance on oil. He pointed out assets such as Cocoa House, Liberty Stadium, Groundnut Pyramids, and the establishment of free education in Western Nigeria, all of which were achieved through the country’s agricultural wealth.

    Idowu stresses economic restructuring, regional self-reliance, and supporting non-oil sectors for Nigeria’s flourishing economy without oil dependency.


    In a groundbreaking paper by Dr. Agbionu Clementina Uchenna, titled “Nigeria Without Oil – A Critical and Empirical Evaluation and the Option of a Diversification Model,” the pressing issue of Nigeria’s overdependence on oil is meticulously examined. The paper highlights how the nation’s economy has suffered due to its reliance on a single commodity and the mismanagement of resources. Dr. Agbionu proposes a much-needed solution to this long-standing problem – a diversification model to transform Nigeria’s economic landscape

    Nigeria’s economy was mostly agricultural prior to the discovery of oil. However, the country’s overreliance on petroleum became obvious during the 1970s oil boom, resulting in economic instability and sensitivity to variations in oil prices. Dr. Agbionu highlights the importance of diversifying the economy through agriculture, industry, technology, tourism, and renewable energy.

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    According to the study, successful diversification would necessitate the Nigerian government’s commitment to policy reforms and investment in critical areas. Nigeria can build a more robust and sustainable economy through empowering small and medium-sized businesses, encouraging innovation, and investing in infrastructure.

    Dr. Agbionu also underlines the need of investing in human capital development and education in order to cultivate a competent and competitive workforce capable of driving economic progress.

    In conclusion, both Dr. Agbionu Clementina Uchenna’s paper and Mr. Samson Idowu’s perspective shed light on Nigeria’s potential to thrive without heavy reliance on oil. Dr. Agbionu’s paper emphasizes the urgent need for economic diversification across multiple sectors, such as agriculture, manufacturing, technology, and tourism. By adopting a diversified approach and investing in human capital, Nigeria can create a more resilient and sustainable economy.

    On the other hand, Mr. Idowu’s perspective highlights the importance of economic restructuring and leveraging regional competitive advantages, with a strong focus on investing in agriculture and non-oil resources. Both viewpoints converge on the idea that Nigeria has the potential to thrive without being overly dependent on oil revenues. By making the right policy decisions and learning from historical successes, Nigeria can pave the way for a prosperous and resilient future.

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