Tajudeen Abbas, the speaker of the House of Representatives, claims that Nigeria’s ongoing over-reliance on oil will only increase inequality, poverty, and widespread unemployment among Nigerians.
Mr. Abbas stated that Nigeria should use its wealth of resources and human capital to diversify its economy during his 14th convocation talk at Al-Hikmah University in Ilorin on Monday.
According to him, “this will help to ensure long-term growth and sustainability.”
The speaker pointed out that in order to ensure Nigeria’s economic future, the country needs to make a firm transition away from oil and toward inclusive, sustainable prosperity.
We must choose a new path for economic change in light of declining oil revenues, the world’s transition to renewable energy, and the growing demand for job creation.
This calls for concerted efforts to unleash the potential of other industries, including solid minerals, agriculture, technology, and the creative sector. In addition to addressing poverty, inequality, and unemployment—all of which are major obstacles to sustainable development—achieving this change will safeguard Nigeria’s economic future, he stated.
Mr. Abbas added that the United Arab Emirates, Malaysia, and Saudi Arabia are instances of nations that are following that approach.
“They have shown that intentional diversification strategies based on infrastructure investments, policy reforms, and human capital development can achieve economic transformation,” the lawmaker said.
In order to create a resilient economy, he said, the lecture emphasized how vital it is to utilize Nigeria’s wealth of natural resources, lush agricultural areas, developing creative industries, and thriving technological sector.
“The potential in agriculture, solid minerals, manufacturing, ICT, and renewable energy can be unlocked through targeted policies, institutional reforms, and partnerships,” the speaker continued.
