…Prof. Oluwasuji advocates diversification into agriculture, manufacturing, technology





Olawole Oluwasuji, a professor at Adekunle Ajasin University, Akungba-Akoko, has advocated the diversification of Nigeria’s economy through sustained investment in agriculture, manufacturing and the creative industries.
He warned that a nation heavily reliant on oil exports and imported technology cannot claim full autonomy, as its sovereignty remains constrained by the conditions of external markets.
Prof. Oluwasuji, a scholar of Political Science and Public Administration, made the recommendation on Tuesday, June 9, 2026, while delivering the institution’s 65th inaugural lecture titled, “Nigeria’s Fragile Economy: Removing the Contours and Roadblocks to Sustainable Development.”
Describing a monolithic economy—where a country’s earnings depend heavily on a single sector—as regressive, he cited insecurity in the Niger Delta region, where most onshore oil production takes place.
He noted that the unrest has resulted in significant production losses since the 2000s, saying: “It is more hazardous as the nation’s oil output is the worst hit, with the loss of 600,000 barrels of crude oil per day. Nigeria’s daily oil revenue loss for 2006 was a whopping $700,000,000.”
The don also lamented Nigeria’s dependence on the global economy, citing the impact of the global recession and the COVID-19 pandemic on the local economy. He explained that the pandemic led to a 55 per cent decline in oil prices between the last quarter of 2019 and April 2020.
According to him, this compelled the Federal Government to review its earlier projected revenue collection of N8.24 trillion, which was based on an oil price benchmark of $57 per barrel and a production target of 2.2 million barrels per day.
“This COVID-19-induced liquidity squeeze has certainly undermined the capacity of the federal and state governments to implement policies and programmes designed to reduce poverty and promote inclusive growth and development,” he added.
Prof. Oluwasuji further highlighted several factors hindering Nigeria’s self-reliance, including corruption, insecurity, policy instability, nepotism, youth agitation, ineffective past policies, lack of continuity in government programmes, human capital deficits, weak institutional frameworks and policy inconsistency.
He noted that these internal fragilities create external vulnerability, arguing that when fiscal or energy systems depend on external inputs, political autonomy becomes negotiable.
Proposing sustainable development as the surest path to national independence, the inaugural lecturer stated: “Nigeria possesses a combination of human resources, natural endowments and geopolitical weight that can, if effectively harnessed, translate into sustainable autonomy. Achieving this goal, however, requires coherent policies, disciplined leadership and strategic foresight.”
In this context, Prof. Oluwasuji recommended repositioning Nigeria’s economy through the productive diversification of export commodities and a focus on the manufacture of local intermediate goods such as textiles, pharmaceuticals and electronics to reduce dependence on imports.
He also emphasised the need to prioritise investment in science, research and innovation, as well as the development of indigenous technological capacity to enhance Nigeria’s autonomy.
According to him, these objectives can be achieved by strengthening research institutions such as the National Agency for Science and Engineering Infrastructure (NASENI), the National Information Technology Development Agency (NITDA), and universities through predictable funding and merit-based governance.
He added that Nigeria must invest in data protection, satellite surveillance and artificial intelligence to enhance national security and promote self-reliance.
Prof. Oluwasuji further advocated granting anti-corruption agencies such as the EFCC and ICPC greater autonomy from political interference to strengthen transparency and accountability and restore public trust. He also called for the introduction of capital punishment for corruption, arguing that existing anti-corruption measures have proved ineffective in addressing the menace.
The don stressed the importance of engaging Nigeria’s youth population, noting that exclusion, unemployment and poor education limit the country’s capacity to achieve the Sustainable Development Goals. He suggested that the education system should be restructured and adequately funded to align with national industrial and technological needs.
To prevent skilled professionals from migrating in search of greener pastures, Prof. Oluwasuji urged the government to create conditions that reward merit and provide opportunities for young people.
Earlier, while introducing the inaugural lecturer, the Vice-Chancellor and Chairman of the Occasion, Prof. Olugbenga Ige, described inaugural lectures as the university’s contribution to human and national development.
He commended Prof. Oluwasuji for advancing this institutional mandate through his scholarly work and commitment to development.























