The Speaker of the House of Representatives, Rt. Hon. Tajudeen Abbas, has warned Nigeria against its continued dependence on oil as the primary source of revenue, emphasizing that this reliance will only deepen inequality, increase poverty, and lead to higher unemployment.
Delivering the 14th convocation lecture at Al-Hikmah University in Ilorin, Kwara State, on Monday, Abbas highlighted the urgent need for Nigeria to shift away from oil dependence and explore alternative revenue sources. Speaking on the theme, “Beyond Oil: Exploring Alternative Revenue Potentials for Economic Growth and Sustainable Development in Nigeria,” he called for a comprehensive strategy to diversify the country’s economy.
Abbas stressed that with the decline in oil revenues, the global move toward renewable energy, and the need for job creation, it is crucial for Nigeria to focus on other sectors such as agriculture, solid minerals, technology, and the creative industries. He argued that such diversification efforts will ensure long-term economic growth and sustainability.
He pointed to the success stories of nations like Saudi Arabia, Malaysia, and the UAE, which have transformed their economies through deliberate diversification strategies. Abbas said, “Economic transformation is achievable through policy reforms, infrastructure investments, and human capital development.”
The Speaker emphasized that the development of Nigeria’s natural resources, agriculture, manufacturing, and technology sectors, along with targeted policies and partnerships, is key to building a resilient economy. He called for collective responsibility, with the government leading by implementing visionary policies, promoting transparent governance, and investing in critical areas like infrastructure and education
