Mohamed Garba
In a clarion call for economic diversification, Speaker of the House of Representatives, Tajudeen Abbas, has warned that Nigeria’s continued dependence on oil will only exacerbate inequality, poverty, and unemployment among Nigerians.Abbas made this declaration while delivering the 14th convocation lecture of the Al-Hikmah University in Ilorin, where he emphasized the need for Nigeria to harness its abundant resources and human capital to build a resilient economy.
The Speaker noted that dwindling oil revenues, global shifts toward renewable energy, and the increasing need for job creation make it imperative for Nigeria to chart a new course for economic transformation.
Abbas identified several key sectors that can drive diversification. He emphasized that Nigeria must prioritize food security and develop its agricultural sector to reduce dependence on imports. The Speaker also highlighted the country’s rich mineral resources, which can be harnessed to drive industrialization and economic growth.
Additionally, he pointed to Nigeria’s vibrant tech and creative sectors as potential drivers of innovation and entrepreneurship.Abbas cited examples of countries that have successfully diversified their economies, including Saudi Arabia, Malaysia, and the United Arab Emirates (UAE).
These countries have demonstrated that economic transformation is achievable through deliberate diversification strategies anchored on policy reforms, infrastructure investments, and human capital development.The Speaker emphasized that Nigeria’s economic transformation demands collective responsibility, requiring the government, legislature, academia, and private sector to work together to drive diversification.
He charged Nigerian youths to seize opportunities in entrepreneurship, agriculture, digital technology, and creative industries to redefine the country’s economic narrative.By diversifying its economy, Abbas noted, Nigeria can achieve sustainable economic stability and create lasting prosperity for its citizens.
