The bioeconomy comprises all primary arms of production, including industrial and economic sectors that employ biological resources and techniques to generate bio-based products and services, while creating new industries and employment. Advocates of the bioeconomy anticipate that biotechnology will play a key role in its development via scientific advances that will spur innovations in deriving products and energy from renewable biomass. About 50 countries have adopted bioeconomy policies, with a view to unlocking new vistas for economic development and innovation, while pushing towards the attainment of the United Nations Sustainable Development Goals (SDGs). Nigeria has an estimated annual biomass potential of about 200 billion kilogrammes, which could be harnessed to generate biofuels via integrated bio-refineries and microbial conversion. In addition, alternative food sources from microorganisms, aquaponics and other products from wood, especially as a plastic alternative and medicines provide endless opportunities for a sustainable bioeconomy in Nigeria. • Nigeria is and has been in a post-oil era. • Nigeria has an estimated annual biomass potential of about 200 billion kilogrammes. • Nigeria’s lignocellulosic biomass could be harnessed for the sustainable production of high-performance bioplastics and wood-derived hydrogels for targeted and controlled drug-delivery platforms. • Nigeria’s bioeconomy can drive more resilient economic growth and create job opportunities.