Nigeria Must Move Beyond Oil Dependence, Says Jibrin

Nigeria must move away from its dependence on crude oil and build a diversified, resilient and productive economy driven by non-oil sectors, former Chairman of the House of Representatives Committee on Finance, Abdulmumin Jibrin Kofa, has said.

Jibrin stated this on Thursday in Abuja at the presentation of his book, Economic Diversification and Structural Transformation in Nigeria: Past-Present-Future, hosted by President Bola Tinubu at the State House Conference Hall, Presidential Villa.

He said the country’s long-standing reliance on oil had made economic diversification imperative, stressing that Nigeria’s future prosperity depended on unlocking the potential of sectors such as agriculture, technology, solid minerals, industrial manufacturing and the creative industry.

“For too long, our nation has leaned heavily on a single economic pillar. The future of our macro-prosperity depends on our ability to aggressively unlock the vast potential of our non-oil sectors,” he said.

The lawmaker explained that the book was conceived as his contribution to Nigeria’s economic transformation, adding that its publication was inspired by his desire to give back to the country as he turned 50.

“More than just a memoir or a political reflection, this book is my deliberate, structured contribution to Nigeria’s economic diversification and structural transformation effort,” he said.

Jibrin said the publication examined the efforts of previous administrations to diversify the economy, the policies of the current administration and the sustainability of economic reforms.

According to him, the book reviewed the policies of the present administration, particularly fuel subsidy removal, foreign exchange unification and tax reforms, while also examining the need for continuity and long-term economic planning.

He said the third segment of the book focused on the future, including projections and the sustainability of policies needed to achieve structural transformation.

Jibrin, who has served as chairman of several committees in the House of Representatives, said his legislative experience provided him with practical insights into Nigeria’s fiscal and economic challenges.

He recalled his experience as chairman of the House Committees on Finance and Appropriations, where he was directly involved in the oversight of government revenue and expenditure, budget processes and fiscal policy.

He also cited his assignments in the committees on Land Transport, Foreign Affairs, and Housing and Habitat, saying they exposed him to critical aspects of infrastructure development, international diplomacy and housing policy.

“These foundational assignments have provided me with a comprehensive, master-level knowledge of the Nigerian economy, our precise fiscal standing, and our true revenue potential,” he said.

He added that the knowledge and experience informed the policy proposals and strategic solutions contained in the publication.

The former committee chairman expressed hope that policymakers, business leaders, entrepreneurs and other economic stakeholders would find the book useful in advancing Nigeria’s transition to a diversified and self-sustaining economy.

Jibrin described the publication as a demonstration of his faith in Nigeria’s future, saying the country’s economic transformation would require sound choices, technical courage and collective commitment.

Jibrin also expressed appreciation to former Anambra State Governor, Prof. Charles Soludo, who served as keynote speaker; Dr Reuben Abati, the book reviewer; and businessman Alhaji Abdulsamad Rabiu, who presented the book.

He said their contributions and insights had helped make the publication a national contribution rather than merely a personal milestone.