KEY POINTS
- Nigeria’s economy relies on a robust export strategy.
- Adebayo calls for reduced import dependency and increased self-sufficiency.
- Effective internal trade can strengthen Nigeria’s global trade position.
Prince Adewole Adebayo, the Social Democratic Party’s 2023 presidential candidate, highlighted Nigeria’s urgent need to enhance export trade for economic growth.
A call for export-driven growth
Speaking at the inauguration of the Bashir Adeniyi Centre for International Trade and Investment, held by the Nigerian Institute of International Affairs (NIIA), he emphasized trade’s role in Nigeria’s formation, advocating for policies that support self-sufficiency and reduce import dependency.
Adebayo noted Nigeria’s deep-rooted history in trade, reminding the audience that trade shaped the nation’s early growth. “Anyone studying Nigeria’s history understands this country must not fail in trade because Nigeria was created out of trade,” he stated.
He urged the nation to prioritize productivity over consumption, highlighting that unchecked imports lead to economic stagnation.
Focus on self-sufficiency and internal trade
Adebayo warned of the dangers of an import-reliant economy, emphasizing the importance of producing domestically to prevent economic decline.
He pointed to the United States as an example of a nation that grew strong through internal trade, stressing that a solid domestic market could significantly boost Nigeria’s export potential.
Additionally, Adebayo advocated for exploring modern trade channels, emphasizing that trade now extends beyond physical goods. “In many countries, people trade more for services than for physical goods,” he explained, underlining that every nation has unique offerings for the global market.
According to Vanguard, the event drew notable attendees, including Prof. Eghosa Osaghae, Director General of the NIIA, and former Cross River State Governor Donald Duke, among others, underscoring the relevance of this discourse on Nigeria’s future trade priorities.
