Economy

Diversify or Face Poverty: Abbas Calls for Economic Shift

Published

3 days ago

Dec 31, 2024.

Speaker Tajuden Abass Speaks on Oil reliance
He calls for diversity in Nigeria’s Economy
He urges Nigerian Youths to seek opportunities in Entrepreneurship

The Speaker of the House of Representatives, Mr. Tajudeen Abbas, has emphasized that Nigeria’s over-reliance on oil will lead to greater inequality, widespread poverty, and mass unemployment. Speaking at the 14th convocation lecture of Al-Hikmah University in Ilorin on Monday, Abbas called for a shift towards harnessing Nigeria’s vast resources and human capital to diversify the economy for sustainable growth.

Delivering the lecture titled “Beyond Oil: Exploring Alternative Revenue Potentials for Economic Growth and Sustainable Development in Nigeria,” Abbas urged decisive action to transition from oil dependency. He noted the need for economic transformation to address dwindling oil revenues, the global shift to renewable energy, and the growing demand for job creation.

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“To secure Nigeria’s economic future, we must chart new pathways for inclusive growth, leveraging sectors such as agriculture, solid minerals, technology, and the creative industries,” he said.

Abbas cited examples of countries like Saudi Arabia, Malaysia, and the UAE, which have successfully diversified their economies through deliberate policy reforms, infrastructure investments, and human capital development. He stressed that Nigeria must adopt similar strategies to unlock its potential.

The Speaker also highlighted the role of targeted policies, institutional reforms, and partnerships in driving economic transformation. He called on the government to lead with visionary policies, the legislature to ensure enabling legislation, and academia to provide research-driven insights.

Abbas urged universities to collaborate with industries to foster innovation and entrepreneurship. He also encouraged the private sector to invest in emerging industries, support SMEs, and leverage technology to enhance productivity.