Home Business News Nigeria's biggest export may not be oil but its citizens — Aboyeji

Nigeria’s biggest export may not be oil but its citizens — Aboyeji


Andela’s Co-Founder and the former Chief Executive Officer of Flutterwave, Mr Iyinoluwa Aboyeji, has disputed claims that Nigeria’s largest export is its crude oil. According to the Serial Entrepreneur, the country’s largest export is, indeed, its people.

Mr Aboyeji, who recently took to his Twitter page to make his point, also noted the fact that more than 17 million Nigerians live outside the shores of the country and remit between $25 billion to $35 billion into the country’s economy each year.

Therefore, it is wrong for Nigeria to keep thinking that oil is its biggest export because it is not, he emphasised.

Education is the ‘new oil’?

Furthermore, Mr Aboyeji argued that education is the new oil and that the Nigerian Government is making zero profit from it. For him, he intends to get more people out of Nigeria and invest in them and others who want to leave.

Nigeria still basking in the euphoria of its oil discovery

Over the years, Nigeria’s major source of revenue is its crude oil which is usually exported to other countries in its raw form. Since the oil boom of 1970s, the country has solely relied on crude exportation for revenue generation, even as it ignored other sources of revenue.

On Migration – Everyday, thousands of Nigerians troop to many countries’ embassies in search of visas either to travel for permanent residency or studies. Countries like Canada, Australia, and the United Kingdom top the list of the most sought after out countries. Most of those who get their visas hardly return.

Coronation Research

Why is it so? – Nigeria, as many would say, is not a favourable place, especially to the teaming youths. Millions of Nigerians youths graduate from school every year only to queue up in search of jobs.

Coronation Research

Therefore, when they find other countries favourable enough to support their dreams, they emigrate to such countries. And most times, Nigerians who leave Nigeria for other countries tend to fare better than they would have if they stayed back home.


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