Over-dependence on oil will make Nigeria vulnerable — Speaker TAJUDEEN ABBAS

Tuesday, December 31, 2024 - Speaker of the House of Representatives, Tajudeen Abbas, says continued over-dependence on oil by Nigeria will only lead to inequality, greater poverty among Nigerians and mass unemployment.

Abbas made this statement at the 14th convocation lecture of the Al-Hikmah University in Ilorin on Monday, adding that Nigeria should harness its abundant resources and human capital to diversify its economy.

The Speaker explained that to secure Nigeria’s economic future, the country must decisively move beyond oil and develop sustainable pathways for inclusive growth.

“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.

“This requires deliberate efforts to unlock the potential 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,” he said.

The Speaker also said examples of such countries toeing that line are Saudi Arabia, Malaysia and the United Arab Emirates, UAE.

According to him, Nigeria’s economic transformation demands collective responsibility, stressing that the government must lead with visionary policies, transparent governance and strategic investments in infrastructure and education.

Abbas further stated that the legislature on its part should continue to ensure enabling legislation and ensure rigorous oversight of policies and programmes aimed at diversification.

He, however, explained that the academia has a vital role in conducting research, generating data-driven insights and developing skills essential for the new economy.

The Speaker, who charged the country’s universities to strengthen collaborations with industries in order to drive innovation and entrepreneurship, said the private sector must embrace investments in emerging industries.

He added that the private sector should support small and medium scale enterprises and leverage technology to boost productivity.