A Professor of International Business and Management, Moruff Oladimeji, has renewed the call for resource control by states, describing it as a viable pathway to sustainable economic growth and equitable wealth distribution in Nigeria.

Oladimeji, who lectures in the Department of Business Administration at Olabisi Onabanjo University, Ago-Iwoye, made the call on Tuesday while delivering the institution’s 123rd inaugural lecture titled, “International Business and Management: Debunking Myths and Unveiling Truths in the Nigerian Context.”

According to him, the implementation of resource control would empower states to become self-sustaining and less dependent on federal allocations.

“If resource control were to be implemented, it would enable all states within the federation to achieve self-sustainability, relying minimally or not at all on federal allocations,” he said.

Oladimeji criticised the current revenue-sharing formula, particularly the disparity between what some states contribute to the Value Added Tax pool and what they receive in return.

He cited Lagos State as a case in point.

“Lagos is projected to contribute N2.75 trillion, accounting for between 54 and 56 per cent of the total VAT pool in 2024, surpassing the combined contributions of the remaining 35 states, including the FCT. In contrast, the Federal Government allocated only N460bn to Lagos as its VAT share, representing just 16.7 per cent of its contribution,” he said.

Speaking further, the don debunked the belief that venturing into export business requires huge capital outlay.He argued that entrepreneurs can begin on a small scale and grow their export operations over time.

“If you have a product or service with global market potential, you can engage in exporting. While larger firms may have more resources to scale quickly, being a large corporation is not a prerequisite for entering the export market.You can begin your export journey on a smaller scale and gradually grow your revenue until you reach the capacity of a bigger player. The truth is, you can start exporting from Nigeria with as little as N1 m and still achieve profitability,” he said.

Oladimeji acknowledged that exportation comes with more risks compared to local sales but noted that such risks can be mitigated through adequate preparation.

“Conducting thorough market research is essential to understanding the export environment and reducing potential pitfalls,” he advised.