Oil & Gas business expert, Wasiu Abiola Owoola, recommends alternative to Nigeria’s oil dependency, economic meltdown

As the most populous black nation grapples with economic woes, Mr. Owoola weighs in on what he believes is an alternative to the Nigeria’s blind reliance on oil and gas. According to him, Nigeria’s economy has long been heavily reliant on oil, which accounts for over 80% of its export revenue. This dependency has made the country vulnerable to global oil price fluctuations. In contrast, agriculture offers a more stable and diversified economic base. By investing in agriculture, Nigeria can reduce its economic volatility and create a sustainable growth model.

The businessman explained that agriculture has the potential to generate substantial revenue and reduce the nation’s dependency on oil. Revitalizing this sector can stimulate economic activities, create jobs, and enhance food security. With arable land covering more than 40% of its territory, Nigeria has the resources to become an agricultural powerhouse once again.

Before establishing the Falomar Farms, Wasiu Abiola Owoola was the Partners & Authorities Relations Manager Ikike Project at TotalEnergies EP Nigeria Limited until April 2023. Prior to that, he was the Manager of Deepwater Interface and Reporting for TotalEnergies between 2014 and 2017; Secondment to Oil Producers Trade Section of The Lagos Chambers of Commerce & Industry as Government Relations & Communications Manager between 2011 and 2014; and Venture Manager, Technical Partnership Assets for TotalEnergies between 2010 and 2011.

Owoola has held various leadership positions and contributed significantly to the growth and expansion of the Fortune 500 Global oil and gas company. As the Ikike Project Manager for TotalEnergies, he secured all contract approvals, work programs and yearly budgets for the company. While serving as Deepwater Interface and Reporting Manager, he coordinated cost reduction, business continuity and ensured the company maximizes its resources for greater value.

It should not be doubted how resourceful and forward-thinking Owoola has been in TotalEnergies EP Nigeria Limited and the Nigerian oil and gas industry as a whole. He was the Internal Auditor for TotalEnergies for 5 years (1998 to 2003) and his tenure was marked with strengthening the Internal Control Systems and Procedures, resulting in more efficient operations and cost reduction. Being a resourceful Employee, Mentor and Manager in various capacities at TotalEnergies for 3 decades, Mr. Owoola has seen all the ups and downs in the oil and gas industry in Nigeria.

In his final note, the oil and gas business expert and founder of Falomar Farms recommends that the Nigerian government should reduce its sole dependency on oil and gas, while looking into creating an enabling environment for agriculture to thrive by providing loans and facilities to farmers; boost mechanization; expand storage facilities; introduce Agriculture as a compulsory subject in Secondary Schools to catch them young; resuscitate Agricultural Board across the 36 States and the Federal Capital Territory to secure favorable agreements to purchase and subsequently sell to meet domestic needs.