By Paul Effiong, Abuja
Speaker of the House of Representatives, Tajudeen Abbas has stressed the urgent need for Nigeria to diversify the oil-dependent economy, warning that further delay poses more challenges for the country.
He called for deliberate and collective efforts by all stakeholders in the public and private sectors to chart a strategic way forward for the country economically.
Abbas, who stated this yesterday during the 14th convocation lecture of Al-Hikmah University, Ilorin in Kwara State, expressed delight for being the convocation lecturer at the first Islamic-based private university in Nigeria, adding that the topic was timely.
The speaker in his lecture titled ‘Beyond Oil: Exploring Alternative Revenue Potentials for Economic Growth and Sustainable Development in Nigeria,’ also noted that diversification of oil is a great challenge to the consciousness of Nigeria’ s political leaders, policymakers, technocrats and academics on the need for strategic thinking and urgent collective action.”
The speaker listed several potentials in diversification which include agriculture, mining, manufacturing/industrialisation, ICT/digital economy, creative industries/tourism among others.
According to the guest lecturer, “It is imperative that we chart a new course for economic transformation. This requires deliberate efforts to unlock the potentials of other sectors such as agriculture, solid minerals, technology and the creative industries. Achieving this transformation will secure Nigeria’s economic future and address poverty, inequality and unemployment—critical barriers to sustainable development.”
Abbas also informed that oil dependency had led to several economic, environmental and strategic challenges.
He equally identified the challenges impeding diversification to include institutional weaknesses, infrastructural deficit and global economic pressure.
The speaker noted that the urgency of the discussion cannot be overstated, especially with dwindling oil revenue, global shift toward renewable energy and the increasing need for job creation.
Apart from that, he said oil dependency had contributed to severe environmental degradation, especially in the Niger Delta region, where most of Nigeria’s oil production occurs.
He said the 10th House of Representatives had demonstrated a strong commitment to address economic challenges through its Legislative Agenda, which he said prioritises unlocking economic growth and developing Nigeria’s vast human and natural resources, emphasising legislative reforms and strategic oversight to support diversification.
