Nigeria’s Speaker, Tajudeen Abbas, has emphasized the need to reduce its over-reliance on oil, citing potential negative impacts on poverty, inequality, and unemployment.
Speaking at the 14th convocation lecture of Al-Hikmah University in Ilorin on Monday, Abbas emphasized the necessity of leveraging Nigeria’s abundant resources and human capital to build a diversified economy.
“With dwindling oil revenues, global shifts toward renewable energy, and the increasing need for job creation, it is imperative that we chart a new course for economic transformation,” he said.
“This requires deliberate efforts to unlock the potential of other sectors, such as agriculture, solid minerals, technology, and the creative industries.”
Abbas argued that achieving such a transformation would not only secure Nigeria’s economic future but also address the persistent issues of poverty, inequality, and unemployment, which he described as significant barriers to sustainable development.
He pointed to countries like Saudi Arabia, Malaysia, and the United Arab Emirates as examples of nations successfully diversifying their economies.
He noted that Nigeria could follow a similar path through collective responsibility and collaboration among the government, private sector, and academia.
The Speaker called on the government to lead the charge with visionary policies, transparent governance, and strategic investments in infrastructure and education.
He also stressed the legislature’s role in enacting enabling legislation and conducting thorough oversight of diversification-related policies and programs.
“The legislature must remain committed to ensuring that policies aimed at economic transformation are effectively implemented,” Abbas stated.
He also highlighted the critical role of academia in conducting research, generating data-driven insights, and developing skills essential for the emerging economy.
He urged universities to strengthen partnerships with industries to foster innovation and entrepreneurship.
Abbas further encouraged the private sector to invest in emerging industries, support small and medium-sized enterprises (SMEs), and leverage technology to enhance productivity..