Nigeria’s Overreliance On Oil ‘ll Expand Poverty, Unemployment — Speaker Abbas

The Speaker of the House of Representatives, Rt. Hon. Tajudeen Abbas, on Monday warned the country against continued dependence on oil as the only source of revenue generation.

Abbas said the nation’s continued overreliance on oil revenue would only lead to inequality, greater poverty among Nigerians, and mass unemployment.

The Speaker who bared his mind while delivering the 14th convocation lecture of Al-Hikmah University, Ilorin, Kwara State, said to secure Nigeria’s economic future, the country must decisively move beyond oil and develop sustainable pathways for inclusive growth.

Speaking on the theme: “Beyond oil: Exploring alternative revenue potentials for economic growth and sustainable development in Nigeria,” Abbas said Nigeria should harness its abundant resources and human capital to diversify the nation’s economy to ensure long-term growth and sustainability.

“With dwindling oil revenues, global shifts toward renewable energy, and the increasing need for job creation, it is imperative that we chart a new course for economic transformation.

“This requires deliberate efforts to unlock the potential of other sectors, such as agriculture, solid minerals, technology and the creative industries.

“Achieving this transformation will secure Nigeria’s economic future and address poverty, inequality, and unemployment -critical barriers to sustainable development”, he said.

Abbas said that the examples of Saudi Arabia, Malaysia and the United Arab Emirates, had demonstrated that economic transformation is achievable through deliberate diversification strategies anchored on policy reforms, infrastructure investments and human capital development.

“This lecture has underscored the urgency of harnessing Nigeria’s abundant natural resources, fertile agricultural lands, burgeoning creative industries, and vibrant technology sector to build a resilient economy.

“Targeted policies, institutional reforms and partnerships can unlock the potential in agriculture, solid minerals, manufacturing, ICT and renewable energy,” he said.

He added that Nigeria’s economic transformation demands collective responsibility, adding that the government must lead with visionary policies, transparent governance, and strategic investments in infrastructure and education.

On the part of the legislature, the Speaker said that parliament should continue to enact enabling legislation and ensure rigorous oversight of policies and programmes aimed at diversification of the nation’s economy.