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How Nigeria Can Move From Potential To Economic Prosperity—Zacch Adedeji
. 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 Advocates for Inmates’ welfare with donation to Enugu Custodial Centre
Tier one lender, Fidelity Bank Plc has reaffirmed its commitment to health and social welfare with the donation of food and essential items to inmates at the Enugu Maximum Security Custodial Centre.
The outreach was carried out by the newly inducted Legacy Class of 2026 and executed under the bank’s flagship Corporate Social Responsibility (CSR) platform known as the Fidelity Helping Hands Project (FHHP). Through the FHHP, staff identify areas of critical interventions in their immediate communities, raise funds and then receive matching financial support from the bank’s management to execute the projects.
Items donated by the Legacy class include a range of food supplies such as garri, spaghetti, noodles, biscuits, milk, and other essential consumables aimed at supporting the welfare and living conditions of inmates at the facility.
Speaking on the visit, Divisional Head, Brand and Communications Division, Fidelity Bank Plc, Dr Meksley Nwagboh, described the initiative as a key component of the Bank’s culture, designed to inspire compassion and a sense of responsibility in its workforce.
“As part of our induction programme, we encourage new staff to identify meaningful ways to impact their communities. In assessing the needs of this facility, it became clear that providing food and other essentials would make an immediate difference. With over 3,000 inmates here, the daily effort required to feed and care for them is enormous. We believe that this donation will significantly support the centre’s ongoing work and contribute to improving the welfare of the inmates,” he said.
Nwagboh further emphasized the broader vision behind the initiative, noting that the bank is committed to raising socially conscious professionals. “At Fidelity Bank, we are intentional about building not just skilled employees, but responsible citizens. Initiatives like this help our staff connect with real societal needs and inspire them to make meaningful contributions beyond the workplace,” he stated.
In his response, the Deputy Controller of Corrections at the facility, Dr. Sunday Igwe, commended Fidelity Bank for nurturing a strong culture of social responsibility among its workforce. He described the donation as timely and impactful, noting that it would help alleviate some of the operational challenges faced by the facility.
Igwe further used the opportunity to caution Nigerians, particularly young professionals, against engaging in criminal activities such as fraud and cybercrime, emphasizing that personal decisions can have far-reaching consequences.
“People must understand that their choices determine their outcomes. We encourage everyone to stay focused and avoid actions that may bring them into conflict with the law,” he advised.
The Fidelity Helping Hands Project remains one of Fidelity Bank’s key CSR initiatives, enabling employee-led contributions that drive meaningful impact through inclusive development 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.

L-R: Team Lead, Corporate Social Responsibility (CSR), Fidelity Bank Plc, Victoria Abuka; Deputy Controller of Corrections, Enugu Maximum Security Custodial Centre, Dr. Sunday Igwe; Team Lead, Human Resources and Business Partner, East & South, Fidelity Bank Plc, Osayi Uwumarongie; and President, Legacy Inductees Class of 2026, Fidelity Bank Plc, Darlington Okereke; during Fidelity Bank’s donation of food and essential items to Enugu Maximum Security Custodial Centre, in Enugu State recently.
News
Six Arrested As Police Foil Planned Bombing Of Ondo State Facilities
The Ondo State Police Command has arrested six suspects following a foiled attempt to bomb government facilities in Akure, the state capital.
On April 16, 2026 , the state Police Commissioner, Adebowale Lawal, described the operation as a “major breakthrough” in neutralizing the planned attack.
The suspects had allegedly infiltrated the state after mapping out the specific location of attacks.
While disclosing the development on Thursday, the Commissioner of Police in the state, Adebowale Lawal, during a press briefing at the state headquarters of the command, revealed that operatives were deployed to the identified area after receiving the intel.
According to Lawal, the suspects were apprehended before the planned attack could be executed, adding that the operation led to the arrest of six suspects as well as the recovery of materials suspected to be components for the fabrication of IEDs.
The police boss identified the suspects as Adekunle Prosper, 56, Ojo Olumide, 39, Tope Kolawole, 40, Ahmed Salihu, 40, Bolaji Adebowale, 46, and Gbadebo Abidemi, 43.
He said, “A thorough search of the scene and a subsequent operation at the suspects’ apartment resulted in the recovery of a cache of items, including 217 bottles, a bag of sugar, criminal charms, 17 mobile phones, the sum of N187,000, two HP laptops, eight slings, one knife, an external hard drive, two identity cards, one National Identity Number (NIN) card, and two motorcycles, among other items.
“Preliminary assessments indicate that some of these materials were intended for the construction of explosive devices, while others may have been used to facilitate coordinated criminal activities.
“Early findings from the investigation reveal that the group actively engaged in assembling IEDs allegedly intended for deployment on government infrastructures, with indications that their operations may extend beyond the state capital to other parts of the country.”
News
Lagos APC Members Accuse Party Leadership Of Bypassing Primaries
A faction of the Lagos State chapter of the All Progressives Congress (APC), operating as “Concerned and Vigilant Members,” has alleged a plot by party leaders to bypass direct primaries and impose candidates for the upcoming House of Representatives and State House of Assembly elections.
In a statement issued on Wednesday and signed by Tunde Samson on behalf of what it described as “concerned and vigilant members,” the group accused key party figures, including James Faleke, Cornelius Ojelabi, and Mutiu Are, of allegedly holding private meetings to compile a predetermined list of candidates for the House of Representatives and the Lagos State House of Assembly.
The group claimed the meetings were taking place at a private residence and described the development as a deliberate attempt to undermine the party’s stated commitment to direct primaries.
“This runs contrary to the party’s clear position on direct primaries and represents a serious threat to internal democracy. It undermines the rights of party members and disregards the principles upon which the party stands,” the statement read.
The members warned that they would oppose any effort to impose candidates, insisting that the Lagos APC should not be controlled by a select group or reduced to a platform for predetermined political arrangements.
They also referenced past controversies surrounding local government elections in the state, alleging that earlier exercises were characterised by irregularities and imposition, a situation they said must not be repeated.
The group further called on President Bola Tinubu to intervene and ensure that democratic processes are upheld within the party.
According to them, Tinubu has a track record of participating in party primaries and remains an advocate of transparent and credible electoral processes.
Issuing what it described as a final caution, the group stressed that any attempt to sidestep due process could provoke strong resistance within the party.
“There must be free, fair, and transparent primaries. Anything short of that will be resisted,” the statement added.
Efforts to obtain responses from the individuals mentioned in the allegations were unsuccessful as of the time of filing this report.
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