The Catalyst, Lanre Olusola, recently sat down with Global ICT Consultant Femi Adeagbo on the Be Transformed Podcast to discuss the potential greatness in Nigeria and the overlooked aspects of its economy.
Femi challenges Nigeria’s GDP figures, arguing that much of the country’s true economic activity occurs outside official data. He points to Nigeria’s party culture as an example, where events like weddings and birthdays drive sectors like catering, photography, decoration, and more—yet none of this is captured formally.
Femi also shares a personal decision he made during the COVID-19 pandemic to stop spending on imported alcohol as a form of economic protest. He explains that while money spent on local food circulates within the local economy, imported alcohol drains funds abroad, benefiting foreign producers instead.
He connects this kind of spending to the success of global companies like LVMH and points out how alcohol plays a significant role in their profits. Femi also recalls an analysis comparing Nigeria’s spending on hair imports versus tractors, showing how the informal economy remains largely untracked.
Watch below to learn more about how Nigeria’s economic potential can be harnessed for real growth.
