Experts from the academics, telecommunications and manufacturing sectors have strongly recommended that Nigeria should deliberately attempt the exploration of its potentials through the enhancement of agricultural value chain, massive investment in tourism, development of the solid minerals sector and embrace technology and innovation as its new resources of economic strength.
on Tuesday at the WorldStage Economic Summit 2018
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Presenting the lead paper, with the theme: “New Resources of Economic Strength to help make the future Happen,” Dr. Babatunde Wasiu Adeoye, Associate Professor, Department of Economics, University of Lagos, said: “The agricultural sector remains a viable option for Nigeria where it could produce her total demand internally without necessarily importing some of her final produce.”
Represented by Onyebuchi Iwegbu at the forum which occurred at the function Centre, Nigerian STOCK MARKET, Lagos, Adeoye listed some challenges which are being faced in the agriculture sector to add high cost of generating power, limited and poor storage facilities, bad road networks, Illegal food importation, inadequate market info on option of products Land grabbing called illegal  otherwise; acquisition of land, inadequate skilled personnel, poor irrigation system, and high cost of acquiring processing agrochemicals and equipment, but noted that by getting a strategic method of ameliorating them might turn into a testimony for the united states to see the replica of what Brazil experienced during the past 3 years.
“In 2012, Brazil could significantly improve their value chain in agricultural production which resulted in the generation of 16 million new jobs and a producer of global agro processed commodities which include sugar, oranges and ethanol,” he said.
“Their value chain developed as a result of improvement in the option of seeds, soil fertility, better provision and usage of technology and lastly, improvement in innovations and research in the sector.”
On tourism, Adeoye said its role throughout the market can’t be undermined as possible regarded as a pulsating power home with deep and layered cultures and environment.
He said: “Tourism gets the potentials of stimulating output and therefore act as a solid force to stimulating and sustaining growth.”
He quoted Lonely Planet, which reported in year 2016 that the tourism industry contributed about $7.6 trillion to the global world economy, accounting for approximately 10 % of the global GDP.
He said: “Nigeria tourism contributed about $1.5 billion, a desire to anchor on with regards to future output expansion sector dependants. For the sector to become centre of growth and attraction driver, several actions should be taken by relevant stakeholders in achieving this.”
Adeoye cited the exemplory case of how United Arab Emirates used technology to transform their cities, rendering it a centre for world tourists, saying Nigeria already gets the landscape along with other climatic conditionings to make her a centre of attraction for tourist.
“However, with massive investment in technology, hotels can better market their services and tourist centres can boost their centres effectively,” he said.
“Public private partnership can’t be ruled out. You will find a need for the general public and the private to massively spend money on tourism as this might allow stakeholders to take part in the development of tourism strategy, communicate, achieve their various interests and goals, and implement tourism programmes successfully, and collaborate to attain a standard goal.
“The private sector can offer the funds had a need to make the competitive as the government would create the adequate infrastructural and regulatory environment for the to thrive. The federal government must play an integral role in improving on transport services that is a very crucial element in promoting tourism.
“Attention should be made to observe how the tourism products could be effectively and efficiently marketed in the international market. Knowing of a destination is really a motivation to go to the accepted place. Marketing shall create the awareness that’s had a need to increase massive patronage in the tourist centres.”
On solid minerals, Adeoye said Nigeria includes a large deposit of these such as for example Iron Ore, Lignite, Gold, Granite, Silver among other, they only accounted for 0 yet.0 % of GDP between 1960 – 1970; 0.3 % between 1981 and 1990; and declined to 0.1 % between 2001 and 2017.
“Nigeria can join the league of solid mineral resources exporters and producers if the sector can harness its potential; however several efforts created by the national government to resuscitate this sub-sector have failed,” he said.
“It may be difficult to become major producer of solid minerals considering the global world country makers; however, Nigeria can greatly take advantage of the streams of solid mineral production still.”
Adeoye said: “Nigeria’s continuous influenced by oil as a significant stay of the economy was like walking on a gold mine waiting to explode and attention should be put into identifying new resources of new economic strength on her behalf economy.
“By doing this, attention should be designed to first understand structure of the economy, its peculiarities and strengths. You can find new resources of economic strength for other countries which can not be obtainable for Nigeria considering its structure and the benefit it has.”
Mr Olusola Teniola, President, Association of Telecommunications Companies of Nigeria, who participated in the panel discussion at the summit, was the opinion that the development of the economy through the old idea of agriculture won’t take the united states far.
Rather, Teniola advocated for a culture of technology as demonstrated in the ICT sector and made case for the promotion of science, technology, engineering and mathematics education in the educational schools.
He said for the united states to compete in virtually any area, it should be up-to-date in innovation, technology.
Soji Adeleye, LEADER of Alfe City Institution, in his contribution to the debate underlined the lack of leadership in the united kingdom which had resulted to having less progress.
For meaningful progress to be performed, Adeleye said the leadership must be alert to their responsibility to the society, never to occupy space just.
Oluyinka Omojolaibi, Senior Research Economist, Manufacturers Association of Nigeria, was also underlined the significance of government to formulate and implement policies that may move the economy forward.
Omojolaibi said government had a need to do more in the certain section of the provision of infrastructure, machineries, cheap loans for the economy to compete and productive.
She said that might be crucial in order that manufactured in Nigeria products could be competitive in the neighborhood and international market.
Segun Adeleye, President/CEO, World Stage Limited, the organisers of the summit, observed that there is a convergence in the opinions of professionals at the forum in your community of application of technology to chat a fresh economic direction for the united states.
“In the years ahead, the WorldStage Economic Summit 2018 theme was inspired to create to the consciousness of stakeholders the necessity to be on the driver’s seat of the transit and economy to another of knowledge, prosperity and competitiveness,” Adeleye said.
He added: “Our thinking is that the policy makers and the private sector ought to be looking at how exactly to match the potential throughout the market with new development all over the world that targets the form of what to come.
“At today’s summit, you want to explore how Nigeria will never be left out in the fourth industrial revolution with concentrate on economic strength through the sub themes, Digital ecosystems to operate a vehicle future growth; Developing the Agribusiness; The Blue Economy Option; The accepted host to Artificial Intelligence in future growth; Blockchain Technology and the near future; Science, Technology, Mathematics and engineering (STEM) Education in Nigeria.
“In a worldwide economy where tech companies like Microsoft, Google, Facebook are richer than all African countries come up with, managers of the economy cannot continue steadily to fake ignorance of the needful, that mineral resource will longer be considered a major element in future relevance and prosperity no.”
Adeleye assured that the report of the summit will be distributed around the government with the expectation that it’ll become area of the valuable ideas had a need to move the Nigeria’s economy forward.