Nigeria’s continued dependence on natural resources, especially crude oil, is holding the country back from achieving sustainable growth, according to economist and policy expert Adedeji, who says the global economy now rewards ideas and innovation more than raw materials.

Speaking during a foreign policy briefing on African currency exchange services and development, Adedeji warned that countries which rely too heavily on easy income from natural resources risk losing their industrial advantage.

“These cases show that you can lose your industrial edge. When countries rely too much on easy income from natural resources, it discourages the long-term work needed to build a strong industrial base,” he said.

He noted that the danger is even more serious for Nigeria, which remains less diversified than many of its peers.

“For Nigeria, which is less diversified than many of these countries, the risks are even greater,” Adedeji said.

According to him, dependence on natural resources alone leads not just to slow growth but to economic decline.

“Depending only on our natural resources is not just a road to slow growth, it is a road backwards,” he said. “The global economy now rewards knowledge, skills and complexity, not just what you can extract from the ground.”

Adedeji stressed that if Nigeria truly wants to move from potential to prosperity, it must shift from being known mainly for raw materials to being recognised for innovation and advanced products.

“If Nigeria wants to move from potential to prosperity, we must stop being known only for raw materials and begin to stand out for ideas, innovation and advanced products,” he said.

He also commended President Bola Ahmed Tinubu for initiating tough reforms aimed at rebuilding the economy to support innovation, production and long-term resilience.

“President Tinubu has started the difficult process of rebuilding the economy to support innovation, production and long-term resilience,” Adedeji said.

He concluded that while the task ahead is demanding, it is achievable with focus and commitment.

“The journey from potential to prosperity will not be easy or quick, but with the right direction and determination, it is a journey Nigeria can complete,” he added.