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Nigeria’s economy has depended on conditions driven by oil for too long

Nigeria’s economy has depended on conditions driven by oil for too long


Nigeria’s vice-president, Yemi Osinbajo has stated that the country’s dependence on crude oil is not good for the economy.

This was stated by the vice-president, Osinbajo while speaking on Thursday at the Innovation Fellowship for Aspiring Inventors and Researchers (i-FAIR) programme.

Osinbajo, who was represented by Ogbonnaya Onu, the minister of science and technology, assured that the federal government will continue to play its role in the successful accomplishment of major innovation goals in the country.

“For too long, we have allowed our economy to depend on conditions driven by oil and we have seen that it is not good for our economy,” NAN quoted him as saying.

“Our nation is a great nation, we can do far better than what we are doing, we have abundance of natural resources and some of the most intelligent people in the world.

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“This is acknowledged everywhere, so there is no reason why our economy should not be based on knowledge that is innovation driven.”

Osinbajo said that since December 2020 when i-FAIR centre opened and admitted its fellows, the federal government had always given its support.

“We want all Nigerians to know that if you have a dream, the government will support you for it to become a reality and such ideas will be transformed into a product or service useful to meet our needs as a nation to create more jobs,” he said.

“We have the largest population in Africa and largest market concentration globally. If China, with a population of about 1.4 billion, can give employment to its citizens, we should do it.”

The i-FAIR fellowship is a six-month programme which enabled participants to transform ideas into reality by providing technological and educational tools, platforms, guidance, and mentoring by experts from Israel and Nigeria.

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