Over-Reliance on Oil: Speaker Abbas Highlights Nigeria’s Financial Risks

The Dangers of Oil Dependence: Abbas Speaks on Nigeria’s Future

Speaker of the House of Representatives, Tajudeen Abbas, has emphasized the urgent need for Nigeria to diversify its economy beyond oil dependency. He warns that continued reliance on oil will exacerbate inequality, poverty, and unemployment in the country.

Delivering the 14th convocation lecture at Al-Hikmah University in Ilorin, Abbas highlighted the vulnerabilities associated with an oil-dependent economy, including exposure to global market fluctuations and environmental degradation.

He stressed the importance of harnessing Nigeria’s abundant resources and human capital to develop sectors such as agriculture, solid minerals, technology, and creative industries.

Abbas cited countries like Saudi Arabia, Malaysia, and the United Arab Emirates as examples of successful economic diversification through deliberate policy reforms and investments in infrastructure and education. He called for visionary policies, transparent governance, and strategic investments to drive Nigeria’s economic transformation.

The Speaker also underscored the collective responsibility of various stakeholders, including the government, legislature, academia, and private sector, in achieving economic diversification.

He encouraged Nigerian youths to seize opportunities in entrepreneurship, agriculture, digital technology, and creative industries to redefine the nation’s economic narrative.

This call to action aligns with recent economic reforms in Nigeria aimed at stabilizing the economy and reducing dependence on oil revenues.

The successful implementation of these reforms is seen as crucial for Nigeria’s economic transformation and could serve as a model for market-oriented reforms across Africa.