The Speaker of the House of Representatives, Tajudeen Abbas, warned that Nigeria’s continued dependence on oil threatens the country’s economic stability and exacerbates issues like poverty and unemployment.
Speaking at the 14th convocation of Al-Hikmah University in Ilorin, Abbas called for a shift away from oil by tapping into the nation’s vast resources and human capital to drive economic diversification.
Abbas stressed that with declining oil revenues and a global pivot to renewable energy, Nigeria must focus on sectors such as agriculture, solid minerals, technology, and the creative industries to create jobs and foster long-term growth.
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He pointed to countries like Saudi Arabia, Malaysia, and the UAE as examples of successful diversification through strategic policies and investments.
He also emphasized the need for targeted reforms and investments in infrastructure, education, and technology, urging both government and private sector involvement to create a more resilient economy.
Universities, Abbas added, should play a central role in research and fostering innovation to support this transformation, while encouraging youth to embrace opportunities in entrepreneurship and emerging sectors.
