The Speaker of the House of Representatives, Tajudeen Abbas, has emphasized the urgent need for Nigeria to diversify its economy beyond oil dependency to secure a sustainable economic future. Speaking at the 14th convocation lecture of Al-Hikmah University in Ilorin, Kwara State, Abbas highlighted the risks of continued reliance on oil, warning that it could exacerbate inequality, poverty, and unemployment in the country.
In his lecture titled “Beyond Oil: Exploring Alternative Revenue Potentials for Economic Growth and Sustainable Development in Nigeria,” Abbas called for the strategic harnessing of Nigeria’s abundant resources and human capital to promote economic diversification and long-term growth.
“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,” Abbas stated. He noted the need to unlock the potential of various sectors, including agriculture, solid minerals, technology, and the creative industries, to secure Nigeria’s economic future and tackle critical barriers such as poverty, inequality, and unemployment.
Abbas referenced countries like Saudi Arabia, Malaysia, and the United Arab Emirates as examples of successful economic transformation through diversification, driven by policy reforms, infrastructure investments, and human capital development.
“This lecture underscores the urgency of harnessing Nigeria’s abundant natural resources, fertile agricultural lands, burgeoning creative industries, and vibrant technology sector to build a resilient economy,” he said. Targeted policies, institutional reforms, and partnerships are essential to unlocking opportunities in agriculture, solid minerals, manufacturing, ICT, and renewable energy.
Emphasizing collective responsibility for economic transformation, Abbas urged the government to lead with visionary policies, transparent governance, and strategic investments in infrastructure and education. He also highlighted the role of the legislature in enacting enabling legislation and overseeing diversification initiatives.
Abbas called on Nigerian universities to strengthen collaborations with industries to foster innovation and entrepreneurship. He stressed the importance of private sector investment in emerging industries and supporting small and medium enterprises to boost productivity.
“Academia has a vital role in conducting research, generating data-driven insights, and developing skills essential for the new economy,” he stated. “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.”
Drawing lessons from Malaysia and Singapore, Abbas illustrated how aligning government policies, academic research, and private-sector innovations can drive economic transformation. He noted Malaysia’s success in manufacturing and industrialization and Singapore’s strategic policies and talent pool that turned it into a global hub for finance and innovation. These examples, he said, demonstrate that with sustained commitment, Nigeria can achieve economic stability and prosperity.
