Lagos State Deputy Governor, Dr. Obafemi Hamzat, has urged Nigerian businesses to treat data as a strategic asset, stressing that the future of competitiveness and economic growth lies in data-driven innovation.
Speaking at a tech and business forum in Lagos on Wednesday, Hamzat said that organizations that fail to harness the power of data risk being left behind in the global economy. He noted that data is no longer just a by-product of operations but a key driver of decision-making, efficiency, and market expansion.
“Data is the new oil, but unlike crude oil, its value increases the more it is refined and used,” the deputy governor stated. “Companies that understand consumer behavior, market trends, and risk patterns through data analytics are the ones that will dominate the future.”
Hamzat highlighted how data can help businesses cut costs, enhance customer experience, and predict market changes. He cited global tech giants and financial institutions as examples of organizations that leveraged data to build sustainable business models.
The Deputy Governor also called for stronger investment in digital infrastructure, cybersecurity, and skills development to enable Nigerian firms to fully maximize the potential of data. According to him, Lagos State is already working to digitize public services and foster an innovation-friendly environment that encourages businesses to embrace technology.
“Data will shape the next 20 years of our economy. Nigerian businesses must not only see it as an asset but as the foundation of long-term survival and growth,” he added.
He urged private sector players, startups, and SMEs to collaborate with government and academia in building a robust data ecosystem that would position Nigeria as Africa’s leading digital economy.
