The Speaker of Nigeria’s House of Representatives, Mr. Tajudeen Abbas, has warned that Nigeria’s over-reliance on crude oil will only worsen poverty, inequality, and unemployment. In a lecture delivered at the 14th convocation of Al-Hikmah University in Ilorin, Abbas called for urgent economic diversification, stressing that the country must harness its vast mineral resources and human capital to secure a sustainable future.
Abbas highlighted the pressing need for deliberate efforts to unlock the potential of other sectors, including agriculture, solid minerals, technology, and creative industries. He argued that with dwindling oil revenues and the global shift toward renewable energy, Nigeria must diversify its economic base to create jobs and foster inclusive growth.
Abbas urged Nigerian youth to embrace opportunities in entrepreneurship, agriculture, digital technology, and the creative industries. He emphasized that, like Malaysia’s focus on industrialisation and Singapore’s investment in finance and innovation, Nigeria too could tap into its potential by investing in education, infrastructure, and human capital.
While calling for diversification, Abbas’s comments come amidst efforts by President Bola Tinubu’s government to boost Nigeria’s crude oil production. The President recently launched the ‘1MMBOPD’ initiative aimed at increasing output by 1 million barrels per day by 2025. Nigeria currently produces 1.4 million bpd, below its OPEC target of 1.5 million bpd.