A former Minister of Commerce in Nigeria, Engineer Mustapha Bello has advised the Nigerian government on the need to prioritize digital transformation for economic diversification.
The ex Minister who advocated for a significant shift in Nigeria’s economic approach suggests that the Nigerian government should invest in digital transformation planning to diversify its income sources, both from traditional oil-based revenues and emerging non-oil sectors.
Engineer Mustapha who stated this during an interaction with voice of Nigeria in Abuja, commended Nigeria’s progress in economic development, surpassing many countries worldwide.
He emphasized the need for dedicated sectors focused on executing robust digital transformation plans.
Highlighting global trends, he revealed that the Kingdom of Saudi Arabia plans to invest over 50 billion dollars in digital transformation, redirecting their focus from oil dependence.
” Similarly, the United Arab Emirates is strategically investing in sectors beyond oil reliance, aiming to broaden their income streams, which Nigeria can replicate,” he said.
Mustapha stressed on the importance of a vigilant government strategy to analyze foreign initiatives, ensuring they don’t inadvertently harm Nigeria’s economic interests.
He calls for the establishment of a strategy group tasked with evaluating the positive and negative impacts of global policies being applied within the nation.
Moreover, the ex minister encourages 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 like land ports that can connect to the blue economy for regional development.