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How Nigeria Can Move From Potential To Economic Prosperity—Zacch Adedeji

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. Says diversified exports must be anchored on innovation, complex products

 

 

 

Chairman of the Nigeria Revenue Service (NRS), Dr Zacch Adedeji, has canvassed a paradigm shift in dependence on raw material exports to one that embrace ideas, innovation and the production of complex products as a pathway to sustainable economic growth and national prosperity.

 

 

 

Adedeji made the submission while delivering the maiden distinguished personality lecture of the Faculty of Administration, Obafemi Awolowo University (OAU), Ile-Ife, Osun State, on Thursday.

 

 

 

A statement by his Special Adviser on Media, Dare Adekanmbi, said Adedeji, in the lecture entitled, ‘From Potential to Prosperity: Export-led Economy’, stressed the need to rethink growth through the lens of complexity by not just producing more of the same stuff.

 

 

 

He lamented that Nigeria possesses a high-tech oil sector and low-productivity informal sector as well as lacking “the vibrant, labour-absorbing industrial base that serves as a bridge to higher complexity.”

 

 

 

The NRS boss stated that Nigeria witnessed stagnation in its exportation drive for three decades between 1998 to 2023, and only added six new products in its export basket list between 2008 and 2023.

 

 

 

“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.”

 

 

 

Adedeji urged Nigeria to learn from the world by comparative study of success and failure like Vietnam, Bangladesh, Indonesia, South Africa and Brazil.

 

 

 

“We are not just looking at numbers in a vacuum; we are looking at the strategic choices made by nations like Vietnam, Indonesia, Bangladesh, Brazil, and South Africa over the same twenty-five-year period. While there are many ways to underperform, the path to success is remarkably consistent: it is defined by a clear strategy to build economic complexity.

 

 

 

“When we put these stories together, the divergence is clear. Vietnam used global trade to build a resilient, complex economy, while the others remained dependent on natural resources or a single low-tech niche.

 

 

 

“There are three big lessons here for us in Nigeria as we think about our roadmap. First, avoiding the resource curse is necessary, but it is not enough. You need a proactive strategy to build productive capabilities.

 

 

 

“Vietnam’s success came from integrating itself into Global Value Chains (GVCs). They positioned themselves as the assembly hub for the world’s electronics, importing high-tech parts and exporting finished products.

 

 

 

“This allowed them to “borrow” technology and management skills from abroad to build their own know-how.

 

 

 

“Nigeria, on the other hand, remains a supplier of raw materials to these chains, not an active participant within them. We must realise that productive capabilities are not permanent. The examples of South Africa and Brazil show us that you can actually lose your industrial edge if you are not careful. Over-reliance on the easy path of resource extraction creates economic and political incentives that crowd out the difficult, long-term work of building an industrial base.”

 

 

 

He added that for Nigeria, which is at an even earlier stage of development and even less diversified than these nations, the warning is stark.

 

 

 

“Relying solely on our natural endowments isn’t just a path to stagnation; it’s a path to regression. The global economy increasingly rewards knowledge and complexity, not just what you can dig out of the ground. If we want to move from potential to prosperity, we must stop being just a source of raw materials and start being a source of ideas, innovation, and complex products.

 

 

 

He added that President Bola Tinubu has already begun the difficult work of rebuilding the economy to ensure collective knowledge to innovate, produce and build a resilient economy.

 

 

 

“The journey from potential to prosperity is not a short one, but with the right map and the right resolve, it is a journey we can finally complete,’ he added.

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Fidelity Bank Advances Financial Inclusion in Kebbi as Community Celebrates New Branch Launch

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Residents of Kamba in Dandi Local Government Area of Kebbi State have welcomed the opening of a new branch of Fidelity Bank Plc, describing it as a major milestone that will ease long-standing financial and logistics challenges faced by farmers, small-scale traders and individuals in the community.

The Chairman of Dandi Local Government Council, Dr. Mansur Isah-Kamba, described the branch as a welcome relief after years of limited access to formal banking services. Represented by the Council Secretary, Alhaji Abdulkadir Muhammad, Isah-Kamba noted that residents – including over 83 traditional rulers on the local government payroll—previously travelled long distances to Birnin Kebbi for routine banking transactions.

“With the opening of this branch in our locality, the stress, cost and time associated with banking outside the community will be significantly reduced,” he said. He also commended Fidelity Bank for its foresight and commitment to supporting farmers and small and medium-scale enterprises (SMEs).

On his part, the Sarkin Shikon of Kamba, Alhaji Mahmoud Zarumai-Fana, described farming as the primary occupation in the area will help improve commercial activities.

“Our people are predominantly farmers. Access to financial services will help them improve productivity and livelihoods. Farmers need support such as pumping machines, fertilisers, and pesticides, and proximity to banking services will make it easier to save, access loans, and participate in agricultural intervention programmes,” he said.

 

L-R: District Head, Kyangakwai, Alhaji Suleiman Musa; Former Speaker, Kebbi State House of Assembly, Mr Isma’ila Abdulmumuni Kamba; District Head, Kamba (Sarkin Shikon Kamba), Mamuda Zarummai; Council Secretary, Dandi Local Government, Kebbi State, Alhaji Abdulkadir Muhammad; and Regional Bank Head, North-West Zone 2, Fidelity Bank Plc, Mr Muhammad Lawal-Ahijo; at the official commissioning of the new Fidelity Bank Plc branch in Kamba, Dandi Local Government Area, Kebbi State recently.

Speaking at the official inauguration ceremony, Regional Bank Head, North‑West Region, Fidelity Bank Plc, Mr. Muhammad Lawal‑Ahijo, highlighted the bank’s commitment to expanding financial access and supporting economic growth across Nigeria.

“Our decision to establish this branch is rooted in our belief that every community deserves access to reliable financial services that enable people to grow, businesses to thrive, and local economies to prosper. Kamba is a thriving agricultural community, and the decision to open a branch here is a strategic investment in the future of its farmers, traders, and households. While the infrastructure is for the bank, this branch belongs to the community. We encourage residents to take ownership by fully utilising the services available.” Lawal-Ahijo said.

He further noted the bank’s overall dedication to empowering informal sector workers and small and medium-scale enterprises (SMEs), adding, “Our goal is to bring banking closer to the people and support farmers, SMEs and households with accessible financial services that drive sustainable growth.”

In his remarks, a member of the Kebbi State House of Assembly representing Dandi Constituency, Dr. Abubakar Suleiman-Fana, said the new branch marked a significant step toward strengthening financial inclusion in rural communities.

“This is a milestone for our constituency. Financial inclusion is critical to rural development, and farmers, traders, and youths must take advantage of this opportunity to grow their businesses and improve their economic well-being,” he said.

Residents also expressed delight about the impact the new branch will have on their daily lives. A petty trader, Mrs. Hassana Abubakar, said she previously had to close her shop whenever she travelled to Birnin Kebbi for banking transactions.

“Now I can do my banking here without losing a whole day’s business. This will help my shop grow,” she said.

The opening of the Fidelity Bank branch in Kamba underscores the bank’s ongoing commitment to advancing financial inclusion, supporting rural economies and empowering farmers and small businesses across Nigeria.

Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 10 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.

The Bank is a recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine.
Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.

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State Police Has Come To Stay – IGP Tunji Disu Declares

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Newly sworn-in Inspector-General of Police (IGP) Tunji Disu has declared that the establishment of state police in Nigeria has come to stay.

Speaking to reporters on the committee for state police implementation after his official swearing-in by President Bola Tinubu at the Presidential Villa in Abuja, Disu emphasized that the Nigeria Police Force (NPF) is not opposed to the initiative but views it as a critical partnership to strengthen national security.

JomogNews had reported that President Bola Tinubu recently asked Nigerian senators to expedite action to enact a law for the establishment of state police.

Speaking on Wednesday, the new IGP said, “From the angle of the Nigerian Police, we don’t want it to seem as if others are taking decisions, and we, the most important people concerned, didn’t do anything.

“We want to ensure that the best thing is done. The police should be able to contribute and do their own part in making it succeed.

“The police are not afraid. Our jobs are not being taken; it’s just an issue of partnership.”

 

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140 Missing After U.S. Submarine Sinks Iranian Frigate Off Sri Lanka

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About 140 people are missing after an Iranian Navy frigate IRIS Dena sank in the Indian Ocean approximately 40 nautical miles (74 km) south of Galle, Sri Lanka, after being struck by a torpedo from a United States Navy submarine.

The Sri Lankan navy says around 180 people were on board, with 32 rescued.

A spokesman tells the BBC the cause of the sinking is not known.

Sri Lanka’s navy has confirmed that it’s rescued 32 people after it received a distress call from Iranian navy ship ‘IRIS Dena’ early this morning, March 4.

Budhika Sampath, the spokesman of Sri Lanka’s navy says: “Though it was beyond our waters, it was within our search and rescue region. So we were obliged to respond as per international obligations.”

He adds: “We found people floating on the water, rescued them, and later when we inquired we found that those people are from an Iranian ship.”

He also says that according to the documentation of the ship 180 people are believed to have been on board, although the exact number of missing is unknown.

The spokesman says at the time of launching the rescue operations they did not see the vessel but saw oil patches on the water and floating life rafts.

He also tells the BBC that he rejects the reports of a submarine attack causing the sinking, and that the cause is unknown.

So far, Sri Lanka’s military has not been able to confirm what might have caused the ship to sink.

Israel launched a fresh wave of strikes across the region, with several people reportedly killed in attacks on Lebanon that the IDF says were targeting Hezbollah operatives and facilities

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