Nigeria Must Abandon Oil Dependence for Knowledge Economy, Says Arco Oil & Gas Boss

Alfred Okoigun, founder of ARCO Group Plc, has called on Nigeria to urgently pivot its development strategy away from reliance on oil and natural resources towards a knowledge-driven economy. He asserted that the nation's long-term prosperity hinges on its commitment to investing in science, engineering, research, innovation, and human capital.

Delivering a keynote lecture at the Nigerian Academy of Engineering Technology Dinner and Awards Night, Okoigun argued that while Nigeria is rich in oil and gas, global experience shows that lasting economic growth stems from cultivated knowledge and innovation, not just resource possession. "The future will not belong to nations that merely possess resources. It will belong to nations that possess capabilities, those that can innovate, solve problems and continuously generate value through knowledge," he stated.

Okoigun lamented Nigeria's decades-long focus on exploiting natural resources, neglecting the development of a robust scientific and technological base essential for sustainable growth. He pointed to the transformative economic journeys of South Korea, Singapore, and China, nations that deliberately invested heavily in education, engineering, manufacturing, and technological innovation despite facing significant developmental hurdles at independence.

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The future will not belong to nations that merely possess resources. It will belong to nations that possess capabilities, those that can innovate, solve problems and continuously generate value through knowledge.

Drawing parallels from ARCO Group's 45-year evolution, Okoigun shared that the company prioritized knowledge transfer, technical partnerships, and local capacity building over solely pursuing commercial opportunities in the oil and gas sector. This strategy enabled the indigenous firm to diversify into engineering, marine services, aviation training, asset integrity management, and advanced drone technologies, creating thousands of jobs. "Our most valuable asset has never been equipment or capital. It has always been knowledge," he declared.

Okoigun concluded by emphasizing that Nigeria's greatest asset is its people, noting their global achievements in various fields. He identified the nation's challenge not as a lack of talent, but as an institutional failure to consistently identify, nurture, and retain highly skilled professionals. He posed the question: "If Nigerians can build the future of artificial intelligence abroad, pioneer engineering breakthr..."

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Our most valuable asset has never been equipment or capital. It has always been knowledge.