The Speaker of the House of Representatives, Rt. Hon. Abbas Tajudeen, has called for urgent steps to reduce Nigeria’s dependency on oil.
He warned that Nigeria’s continued reliance on the resource will worsen inequality, poverty, and unemployment if not addressed urgently.
Speaking at the 14th convocation lecture of Al-Hikmah University, Ilorin, titled “Beyond Oil : Exploring Alternative Revenue Potentials for Economic Growth and Sustainable Development in Nigeria”, the Speaker stressed the need to harness Nigeria’s vast natural resources and human capital to drive economic diversification.
“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,” Tajudeen said.
Citing successful examples from Saudi Arabia, Malaysia, and the United Arab Emirates, he highlighted how strategic policy reforms, infrastructure investments, and human capital development have transformed their economies.
“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 .
The Speaker urged government to adopt visionary policies, ensure transparent governance, and invest in infrastructure and education.
He also challenged academia to collaborate with industries to drive innovation and entrepreneurship while calling on the private sector to support small and medium enterprises (SMEs) and leverage technology for increased productivity.
Addressing the youth, Tajudeen said : “As the backbone of Nigeria’s workforce, youths, including all of you in this hall, must seize opportunities in entrepreneurship, agriculture, digital technology, and creative industries to redefine Nigeria’s economic narrative.”
The event also saw the commissioning of the university’s Faculty of Management Sciences by the Speaker.
Dignitaries at the occasion included representatives of Kwara State Governor Abdulrahman Abdulrazaq, members of the House of Representatives, state lawmakers, the university’s founder, Alhaji Abdulraheem Oladimeji, Pro-Chancellor Alhaja Sekinat Yusuf, Vice-Chancellor Professor Noah Yusuf, and leaders of the Kwara University Consortium (KU8+), led by Professor Wahab Egbewole, Industrialists and traditional rulers.
(vitalnewsngr.com)
