Professor of International Business and Management, Moruff Oladimeji, has reiterated the call for resource control by Nigerian states, emphasizing it as a key strategy for fostering sustainable economic growth and ensuring equitable wealth distribution across the country.
Oladimeji, who teaches in the Department of Business Administration at Olabisi Onabanjo University, Ago-Iwoye, made this appeal on Tuesday during his institution’s 123rd inaugural lecture titled, “International Business and Management: Debunking Myths and Unveiling Truths in the Nigerian Context.”He argued that implementing resource control would enable states to attain self-sufficiency and reduce dependence on federal allocations.
If resource control were to be adopted, all states within the federation could achieve financial independence, relying minimally or not at all on federal distributions,” he stated.
The don also criticized Nigeria’s current revenue-sharing arrangement, highlighting disparities between what some states contribute to the Value Added Tax (VAT) pool and what they receive in return.
Using Lagos State as an example, he explained, “Lagos is projected to contribute N2.75 trillion, representing about 54 to 56 percent of the total VAT pool in 2024, which surpasses the combined contributions of the other 35 states, including the Federal Capital Territory (FCT).
However, Lagos is allocated only N460 billion as its VAT share by the federal government, constituting just 16.7 percent of its contributions.”In addition, Oladimeji challenged the misconception that exporting goods requires substantial capital. He encouraged entrepreneurs to start small and expand their export activities over time. “If you have products or services with global market potential, you can begin exporting without needing large resources.
Starting with as little as N1 million is possible, and as you grow, your export capacity can increase,” he explained.While acknowledging that export ventures carry higher risks than local sales, he emphasized that these risks can be effectively managed through thorough preparation.
Conducting comprehensive market research is crucial for understanding the export landscape and minimizing potential setbacks,” he advised.Furthermore, Oladimeji rejected the notion that Nigerian products lack international demand or that sourcing global buyers is challenging.
He pointed out that many Nigerian goods are highly sought after worldwide. “Items such as traditional medicine and palm oil enjoy significant international interest.
The main obstacle is inadequate marketing. Feedback from experienced travelers indicates that Nigerian products are often preferred abroad because they are generally more affordable than local alternatives,” he concluded.
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