National Leader of the All Progressives Congress (APC), Asiwaju Bola Tinubu, says the export of raw materials and import of expensive finished products is not sustainable for the Nigerian economy.
Tinubu said Nigeria, when compared to a country like South Korea, has faced a lack of sustained economic growth and social instability.
This, according to him, has occurred even though Korea had a per capita income of roughly $800 in 1950 like Nigeria.
The APC stalwart said this during his speech delivered at the 25th convocation lecture of the Lagos State University (LASU).
Its theme was Global Trends: The rightful place of Nigeria in the world.
The former Lagos governor said though Nigeria still struggles through the economic mud, the world has been changing rapidly.
“We now bear witness to an expanding digital economy and virtual worlds, from the smartphone to the smart cities around the world and from houses of concrete to those fashioned of code,” he said.
Represented by Lagos State Deputy Governor, Obafemi Hamzat, Tinubu said until the economy is brought to a sound footing, the benefits of the digital economy would elude most citizens.
