Joseph Bakare
Energy expert, Alfred Okoigun, has said that Nigeria’s long-term prosperity would depend on its ability to invest in science, engineering, research, innovation and human capital.
Okoigun, who is the Chief Executive Officer of ARCO Group Plc, therefore called on Government to take urgent steps to build knowledge-driven economy away from dependence on oil and other natural resources.
He pointed to countries such as South Korea, Singapore and China as examples of nations that deliberately transformed their economies through sustained investments in education, engineering, manufacturing, research and technological innovation despite facing enormous developmental challenges at independence.
He made the call while delivering a keynote lecture titled, “From Resource Wealth to Knowledge Wealth: The Science of Nation Building – The Defining Question of Our Time,” at the Nigerian Academy of Engineering Technology Dinner and Awards Night.
Okoigun argued that although Nigeria is richly endowed with oil, gas and solid minerals, experience across the world has shown that countries achieve lasting economic growth not by the resources they possess but by the knowledge and innovation they cultivate.
According to him, “The future will not belong to nations that merely possess resources. It will belong to nations that possess capabilities—those that can innovate, solve problems and continuously generate value through knowledge.”
Okoigun lamented that for decades Nigeria had focused national attention on exploiting natural resources while paying insufficient attention to building a strong scientific and technological base capable of driving sustainable development.
Drawing lessons from the 45-year evolution of ARCO Group Plc, he said the company deliberately invested in knowledge transfer, technical partnerships and local capacity development rather than concentrating solely on commercial opportunities in Nigeria’s oil and gas sector.
According to him, the strategy enabled the indigenous company to expand into engineering, marine services, aviation training, asset integrity management and advanced drone technologies while creating thousands of jobs for Nigerians.
“Our most valuable asset has never been equipment or capital. It has always been knowledge,” he declared.
The ARCO founder stressed that Nigeria’s greatest asset was not its oil reserves but its people, noting that Nigerians continue to distinguish themselves globally in science, engineering, medicine, artificial intelligence, literature, sports and entrepreneurship.
He said the country’s challenge was not a shortage of talent but the inability of its institutions to consistently identify, nurture and retain highly skilled professionals.
According to him, “If Nigerians can build the future of artificial intelligence abroad, pioneer engineering breakthroughs and lead scientific discoveries globally, there is no reason Nigeria cannot become a centre of innovation and technological leadership.”
Okoigun also underscored the importance of strengthening technical institutions, citing the Petroleum Training Institute (PTI) as an example of how investments in skills development can contribute significantly to national economic growth.
Recalling that he graduated from the institute, he said one of his earliest contributions to the sector was organising Nigeria’s first Gas Re-Injection Seminar at PTI in 1982.
He explained that the greatest value of the initiative was not merely the event itself but the exchange of ideas and the development of indigenous technical expertise that followed.
The business leader called for a coordinated national strategy involving governments, universities, research institutions, investors, private sector operators and professional bodies to reposition education from a social service to a critical economic infrastructure.
He urged industries to deepen collaboration with research institutions while encouraging businesses to invest more in mentorship, technical education and innovation that would strengthen Nigeria’s global competitiveness.
Warning that the global economy is rapidly being reshaped by technological advances, Okoigun said countries leading the 21st century are investing heavily in artificial intelligence, biotechnology, robotics, renewable energy, advanced manufacturing and scientific discovery.
He said, “The countries that will dominate the 21st century are investing in artificial intelligence, biotechnology, robotics, advanced manufacturing, renewable energy and scientific discovery.
“The future is already being built. The question is whether Nigeria will help design it or simply purchase it,” he said.
He therefore urged policymakers to embrace a knowledge-driven development model capable of transforming ideas into industries, innovation into economic growth and talent into national prosperity.
Okoigun challenged Nigerians to decide what legacy they wished to leave for future generations.
“The story of Nigeria is still being written. The choice before us is whether we will be remembered as a nation that merely possessed resources or one that built the institutions, developed the talent and created the knowledge required to compete with the best in the world,” he said.