Nigeria’s Overreliance On Oil ‘ll Expand Poverty, Unemployment — Speaker Abbas
The Speaker of Nigeria’s House of Representatives, Rt. Hon. Tajudeen Abbas, has issued a stern warning about the dangers of the country’s continued dependence on oil as its primary source of revenue. Abbas emphasized that Nigeria’s overreliance on oil would exacerbate inequality, worsen poverty, and lead to mass unemployment.
Abbas made the remarks while delivering the 14th convocation lecture at Al-Hikmah University in Ilorin, Kwara State. He explained that to secure the nation’s economic future, Nigeria must move decisively beyond oil and develop sustainable, diversified pathways for inclusive growth.
Speaking on the theme, “Beyond Oil: Exploring Alternative Revenue Potentials for Economic Growth and Sustainable Development in Nigeria,” the Speaker called on the government to harness the country’s abundant resources and human capital to diversify the economy. He highlighted that long-term growth and sustainability could only be achieved by addressing the dwindling oil revenues, global shifts toward renewable energy, and the growing need for job creation.
Abbas stated, “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.” He stressed that the country must focus on unlocking the potential of other sectors such as agriculture, solid minerals, technology, and the creative industries to secure its economic future and combat poverty, inequality, and unemployment.
Drawing inspiration from nations like Saudi Arabia, Malaysia, and the United Arab Emirates, Abbas pointed out that economic transformation is achievable through deliberate diversification strategies, policy reforms, infrastructure investments, and human capital development. He said, “These examples show that sustainable transformation can be achieved with the right focus and strategic planning.”
The Speaker further emphasized the importance of targeted policies and institutional reforms to unlock Nigeria’s natural resources, fertile agricultural lands, creative industries, and technology sector. He called for investments in agriculture, solid minerals, manufacturing, ICT, and renewable energy to foster a resilient and diversified economy.
Abbas concluded by stressing the need for collective responsibility in Nigeria’s economic transformation. He called on the government to lead with visionary policies and transparent governance while making strategic investments in infrastructure and education. The Speaker also noted that the legislature must continue to enact laws that support economic diversification and exercise rigorous oversight over related policies and programs.
