Yemisi Izuora
Vice President Yemi Osinbajo has indicated that the future of Nigeria’s economy lies outside of the oil and gas sector but will most likely be driven by technology.
Osinbajo, spoke at the launch of Big Four accounting and advisory firm PwC’s Innovation experience Centre in Lagos.
The global professional services firm announced its intentions to launch an innovation center in Nigeria last month, and has now unveiled the centre at an event that was attended by a number of high profile individuals, including Vice President of Nigeria Yemi Osinbajo.
PwC’s intentions with developing the centre in the country align with national objectives for Nigeria at the moment. The country is among the largest economies in Africa and is expected to be a driver of economic growth for the region in the near future, provided it can diversify its economy.
Oil & gas has traditionally dominated the Nigeria economy, which has left it susceptible to substantial fluctuations in global oil and commodity practices. Breaking out of this economic mold is central to the country’s objectives, and a number of experts have place technology and innovation at the forefront of this goal.
The centre is set to focus specifically on Fintech capabilities, which is particularly relevant to the current market scenario in Nigeria, given that the country is looking to digitalise an increasing portion of its financial transaction activity. The potential to do so has been indicated by a number of firms.
Speaking at the launch of the centre, Osinbajo explicated the value of the move for Nigeria. “The PwC Experience Centre is in line with the smart technology initiative of the government. As an administration, we recognise that Nigeria’s future does not lie in oil and gas but more in technology and innovation. This is anchored on moving the economy away from a resource-based to a people-based model. We must take this seriously going forward,” he said.
Lagos State Governor Babajide Sanwo-Olu added, “I think the PwC initiative is the way to go. It is in line with what the Lagos State government is doing to boost the economy. I encourage other companies to see it as a challenge and begin to tap into the opportunities the government is creating.”