How to remodel Nigeria’s economy

By Rauf Oyewole

The Chairperson of the Federal Road Maintenance Agency (FERMA), Dr. Musa Babayo has said that urgent economic diversification is pertinent to remodel Nigeria’s economy to favourably compete with other nations.

Babayo said this on Tuesday while delivering a paper on “Remodelling the Economy for Sustainable Development” during an International Conference, organised by Academic Staff Union of Polytechnics, (ASUP), Abubakar Tatari Ali Polytechnic Bauchi, Branch.

FERMA boss is also the Talban Katagum believed that Nigeria’s macroeconomic structure has long over-relied on oil revenues, with volatility cascading into fiscal stress, currency pressure, and under-investment in enabling infrastructure.

“Nations that shared our profile have transformed through diversification, institutional strengthening, human capital, and innovation-led growth—exactly the levers Nigeria must now pull with discipline,” he said.

He further argued that diversification via sector growth is urgent. According to him, agriculture must move from yields to value chains: mechanisation, storage, agro-processing, and regional exports. He noted further that manufacturing requires industrial clusters, local content, quality standards, and logistics reliability.

“Responsible mining should create mineral-based industries that anchor regional processing. The creative and digital economy can scale through IP protection, payments rails, and broadband. The north star is domestic value addition that travels outward as competitive exports.

“Digital Transformation and Innovation. Broadband penetration, local cloud, and university–polytechnic tech hubs underpin fintech, e-commerce, telemedicine, ag-data, and digital public services. Data portability, cybersecurity standards, and digital IDs reduce friction and expand formality.”

Also speaking, the Speaker of the Bauchi State House of Assembly, Hon. Abubakar Sulaiman commended the lecturers for organising the conference in a bit to profer solutions to challenges facing the nation’s economy. He pledged that the state Assembly would continue to legislate on proposal to make life easier for the common man and champion good governance.

The Chairperson, ASUP-ATAP, Mr. Nazif Pali, said that the Union has decided to hold first International Conference, which he said is timely and compelling. “Across the world, economies are being tested by rapid technological change, environmental challenges. unemployment, and widening inequalities.

“For developing nations such as ours, these challenges are further compounded by structural weaknesses, overdependence on limited sectors, and the underutilisation of human capital. It is therefore clear that business as usual is no longer sufficient. What we need is a deliberate, inclusive, and knowledge-driven remodelling of our economy.”

Pali believed that polytechnics occupy strategic position in remodelling process, adding that polytechnics as institutions established to provide practical, technical, and entrepreneurial education, they are naturally aligned with the demands of a sustainable economy.

“They are designed to bridge the gap between theory and practice, between knowledge and productivity, and between education and industry. When properly empowered, polytechnics can drive innovation, promote industrial growth, support small and medium-scale enterprises, and produce a workforce equipped with relevant, future ready skills.

The event was attended by the representative of the former Executive Secretary of TETFund Professor Suleiman Bogoro, Emir of Dass, Commissioner for Higher Education, representative of Minister for Health and Social Welfare, the Rector of the Polytechnic among others.