The Speaker of the House of Representatives, Dr. Abbas Tajuddeen, has emphasized the urgent need for Nigeria to diversify its oil-dependent economy to address the challenges facing the nation.
The Speaker made this call during the 14th Convocation Lecture at Al-Hikmah University, Ilorin, Kwara State.
Dr. Abbas Tajuddeen stressed that it is high time for deliberate and collective efforts by all stakeholders in both the public and private sectors to devise a strategic plan for the country’s economic advancement.
He explained that other potential sectors for diversification in the country Nigeria includes agriculture, mining, manufacturing or industrialization, Information Communication Technology, Digital economy, creative industries and tourism.
The number four citizen, also noted that oil dependency has led to several economic, environmental, and strategic challenges while Nigeria faces significant volatility due to fluctuations in global oil prices.
Other challenges identified impending diversification according to the Speaker are institutional weaknesses, infrastructural deficits, and global economic pressures.
The Speaker confirmed that the urgency of the discussion cannot be overstated, especially with dwindling oil revenues, global shifts toward renewable energy, and the increasing need for job creation.
“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,” he stated.
The Speaker, who was delight for being the convocation lecturer at the first Islamic-based private University in Nigeria, noted that the topic was apt, as he considered it “a great challenge to the consciousness of the political leaders, policymakers, technocrats, and academicians on the need for strategic thinking and urgent collective action.
Dr Abbas concluded by saying the lecture has laid the vulnerabilities inherent in Nigeria’s over-reliance on oil revenues, highlighting the economic, environmental, and structural challenges this dependence has created.
COV/ TSIBIRI
