Nigerian tech entrepreneur Iyinoluwa Aboyeji praised the abolition of the petrol subsidy and emphasized Nigeria's greatest asset is human capital. He criticized the wasteful energy habits fostered by subsidies, urging Nigerians to adapt to the new economic reality and seize opportunities, particularly in the digital economy.
Nigerian tech entrepreneur Iyinoluwa Aboyeji believes that Nigeria's greatest asset lies in its human capital, not its natural resources like crude oil. Speaking on Inside Sources with Laolu Akande on Channels Television, the co-founder of Andela and Flutterwave highlighted the inefficiencies fostered by the previous petrol subsidy regime, which he said encouraged wasteful energy consumption.
Aboyeji praised the Bola Tinubu administration for abolishing the petrol subsidy and implementing a unified exchange rate, asserting that these moves will teach Nigerians economic discipline. He noted how the subsidy made citizens careless about energy usage, with many running energy-consuming vehicles and keeping lights on unnecessarily. Now, he says, Nigerians are learning to adapt to the real cost of energy.
Aboyeji shared his personal experience of adjusting to the rising energy costs, explaining how he now monitors his household bills closely and is considering switching to more energy-efficient vehicles.
He also reflected on Nigeria’s economic transition, describing it as the fall of old empires and the rise of new ones. Aboyeji emphasized that the current hardship is an opportunity for the youth, urging them to seize the moment. According to him, the previous economic model, which relied on government subsidies and unsustainable spending, has come to an end.
Furthermore, Aboyeji highlighted that while the minimum wage is low, it has created opportunities in the digital economy, where jobs once dismissed as unworthy are now being reconsidered due to the lower labor costs in Nigeria.
