The UN Conference on Trade and Development (UNCTAD) has urged Nigeria to accelerate economic diversification away from crude oil, warning that commodity dependence creates fragile economies and fails to generate sufficient quality employment. The advice from UNCTAD Secretary-General Rebeca Grynspan coincides with President Bola Tinubu’s issuance of an Executive Order aimed at protecting and optimising oil and gas revenues for all tiers of government.
Speaking on Channels Television, Grynspan cited Nigeria’s large and growing population as a critical factor. “Nigeria must diversify. The oil sector is not going to produce the quality jobs required for a more educated generation with middle-class aspirations,” she stated. While acknowledging oil’s role in economic stabilisation, she stressed that sustainable growth requires manufacturing and industrialisation. She identified regional integration, particularly via the African Continental Free Trade Area (AfCFTA), as a “game-changer” that enables economies of scale and better integration into global value chains.
Grynspan advocated for a strategic shift towards value addition in critical minerals, alongside embracing the digital economy, green sectors, and services. “Industrial policy is back. Emerging economies must seize the opportunities in the fastest-growing sectors: services, the green economy, and digital/AI-related trade,” she noted, adding that success requires building infrastructure, skills
