Nigeria’s Future at Risk: Speaker Abbas Demands Swift Action to End Oil Dependence
Speaker of the House of Representatives Rt. Hon. Tajudeen Abbas has warned that Nigeria’s future is at risk due to the country’s overwhelming dependence on oil. Delivering the 14th Convocation Lecture at Al-Hikmah University, Ilorin, Abbas stressed that diversification is no longer optional but essential to Nigeria’s survival.
In his lecture titled, “Beyond Oil: Exploring Alternative Revenue Potentials for Economic Growth and Sustainable Development in Nigeria,” Abbas lamented that despite decades of efforts, Nigeria’s economy remains highly reliant on oil. He cited the global transition towards renewable energy as a critical factor in the urgency for diversification, warning that without a clear strategy for economic transformation, Nigeria’s oil revenue could plummet as the world reduces its reliance on fossil fuels.
Abbas identified sectors like agriculture, mining, ICT, and tourism as crucial for diversification, noting that these sectors have the potential to create jobs, reduce poverty, and address inequality. He also pointed out that the country’s debt-to-GDP ratio of 34.6% highlights the need for prudent resource management and investment in non-oil industries to stabilize the economy.
“The longer we delay, the harder it will be to adapt to a rapidly changing global landscape,” Abbas warned. He called on political leaders and policymakers to act decisively to protect Nigeria’s future.
