The Speaker of the House of Representatives, Tajudeen Abbase, has stressed urgent need for Nigeria to diversify the oil-dependent economy.
The Speaker made the call during the 14th Convocation Lecture of the Al-Hikmah University, Ilorin.
He warned that a further delay poses more challenges ahead for the country.
Dr. Abbas who expressed his delight for being the convocation lecturer at the first Islamic-based private University in Nigeria, noted that the topic was apt, as he considered it “a great challenge to the consciousness of the nation’s political leaders, policymakers, technocrats, and academicians
He called for deliberate and collective efforts by all stakeholders in the public and private sectors to chart a strategic way forward for the country economically.
The Speaker noted that oil dependency had led to several economic, environmental, and strategic challenges.
He said the nation faces significant volatility due to fluctuations in global oil prices.
The Speaker identified the challenges impeding diversification as including institutional weaknesses, infrastructural deficits and global economic pressures.
He noted that the urgency of the discussion cannot be overstated, especially with dwindling oil revenues, global shifts toward renewable energy, and the increasing need for job creation.
He pointed out that oil dependency has contributed to severe environmental degradation, especially in the Niger Delta region, where most of Nigeria’s oil production occurs.
Furthermore, the Speaker said Nigeria faces the strategic challenge of adapting to the global transition towards renewable energy sources.
Dr. Abbas emphasized that economic diversification was vital for stability, job creation, and achieving the Sustainable Development Goals, SDGs.
The Speaker explained that President Bola Tinubu’s administration has prioritised economic diversification through bold reforms, including removing fuel subsidies and implementing the Presidential Initiative on Compressed Natural Gas (CNG).
