What do you believe is the single most important factor driving up the cost of living in Nigeria?

Oyelaran-Oyeyinka in a statement made available to The PUNCH on Monday pointed out that while Nigeria was the world’s largest producer of cassava, accounting for 21.06 per cent of global production, the country lagged in deriving value from the crop.

“Despite our leadership in cassava production, Nigeria earns less than one per cent in cassava/derivatives exports,” he said, noting that 90 per cent of the nation’s cassava was consumed domestically without much value addition.

Oyelaran-Oyeyinka argued that with cassava derivatives, like starch, ethanol, pellets, and flour, in high demand across global industries, ranging from pharmaceuticals to textiles, Nigeria must transition from being a raw commodity exporter to a value-added manufacturing hub.

“The transformation from an agrarian economy to industrial development is long overdue for Nigeria,” the professor asserted.

He highlighted that no country has achieved sustainable economic growth without industrialisation, referencing the industrial revolutions of Europe and, more recently, Asia.

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