Abuja, September 27, 2023 – Engineer Mustapha Bello, former Minister of Commerce in Nigeria, has urged the Nigerian government to prioritize digital transformation as a means of achieving economic diversification. Bello advocates for a shift in Nigeria’s economic approach to invest in digital transformation planning, enabling the country to diversify its income sources beyond traditional oil-based revenues and into emerging non-oil sectors.
During an interaction with the Voice of Nigeria in Abuja, Engineer Mustapha praised Nigeria’s progress in economic development, surpassing many countries worldwide. However, he emphasized the need for dedicated sectors that focus on executing robust digital transformation plans.
Drawing attention to global trends, Bello highlighted the Kingdom of Saudi Arabia’s plan to invest over $50 billion in digital transformation, redirecting their focus from oil dependence. He also mentioned the strategic investments made by the United Arab Emirates in sectors beyond oil reliance, aimed at broadening their income streams, which Nigeria can learn from.
Engineer Mustapha stressed the importance of a vigilant government strategy to analyze foreign initiatives, ensuring they do not unintentionally harm Nigeria’s economic interests. He proposed the establishment of a strategy group responsible for evaluating the positive and negative impacts of global policies implemented within the country.
Furthermore, Engineer Bello encouraged Nigerian states in the hinterland to tap into the emerging Blue economy sector, a concept introduced by President Bola Tinubu’s administration. He clarified that the blue economy extends beyond maritime activities, urging states to identify opportunities such as land ports that can connect to the blue economy for regional development.
As Nigeria looks towards achieving economic diversification, digital transformation presents a crucial opportunity for growth and sustainability. By investing in this area, Nigeria can reduce its dependence on oil and establish a more resilient economy that is adaptable to global trends and emerging sectors.
