By Chibuike Nwabuko
ABUJA (PRECISE POST) – The Speaker of House of Representatives, Rt. Hon Tajudeen Abbas on Monday harped on the need for Nigeria to diversify the oil-dependent economy, warning that a further delay poses more challenges ahead for the country.
Abbas made the call on Monday while delivering the 14th Convocation Lecture of the Al-Hikmah University, Ilorin, titled ‘Beyond Oil: Exploring Alternative Revenue Potentials for Economic Growth and Sustainable Development in Nigeria.’
The Speaker of the 10th House of Representatives disclosed this in a statement released on his official X account
According to Abbas, the topic speaks to one of the most pressing challenges confronting our nation and it has become evident that our over-reliance on oil revenue has left us vulnerable to global market fluctuations, environmental degradation, and economic instability.
He further stated that it was also a great challenge to the consciousness of our political leaders, policymakers, technocrats, and academicians on the need for strategic thinking and urgent collective action.
The Speaker stressed the need for Nigeria to diversify the oil-dependent economy, and warned that a further delay poses more challenges ahead for the country.
He therefore, 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 listed the potential sectors for diversification in Nigeria to include agriculture, mining, manufacturing/industrialisation, ICT/digital economy, creative industries/tourism.
“No doubt, oil dependency has led to several economic, environmental, and strategic challenges. Economically, Nigeria faces significant volatility due to fluctuations in global oil prices”.
“The challenges impeding diversification in our dear nation include institutional weaknesses, infrastructural deficits, and global economic pressures”.
“Without a robust strategy for economic diversification, Nigeria may struggle to remain competitive in a changing global energy market. Addressing these challenges requires coordinated efforts to enhance economic resilience, protect the environment, and position Nigeria for sustainable growth in a low-carbon future”.
“The House has supported legislation to reduce dependence on oil revenues, enhance agricultural productivity, and promote industrialisation”.
He highlighted that constituency projects, including road construction, school renovations, and water supply schemes, have also contributed to job creation and economic empowerment at the grassroots level.
“In all honesty, the lecture has laid bare the vulnerabilities inherent in Nigeria’s over-reliance on oil revenues, highlighting the economic, environmental, and structural challenges this dependence has created”, he said.
Abbas thanked the management and staff of the Al-Hikmah University for finding him worthy of delivering their 14th Convocation Lecture.
