Over-reliance on oil, recipe for mass poverty, unemployment — Reps speaker

The Speaker, House of Representatives, Hon Abbas Tajudeen, has said the continued over-reliance on oil by the country will only lead to inequality, greater poverty among Nigerians and mass unemployment.

He said this on Monday in Ilọrin during the 14th convocation lecture of Al-Hikmah University.

The lecture was titled ‘Beyond oil: Exploring alternative revenue potentials for economic growth and sustainable development in Nigeria’.

According to him, Nigeria should harness its abundant resources and human capital to diversify the nation’s economy to ensure long-term growth and sustainability.

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Abbas held that to secure Nigeria’s economic future, the country must decisively move beyond oil and develop sustainable pathways for inclusive growth.

“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.

“This requires deliberate efforts to unlock the potential of other sectors, such as agriculture, solid minerals, technology and the creative industries. Achieving this transformation will secure Nigeria’s economic future and address poverty, inequality and unemployment which are critical barriers to sustainable development,” he said.

Countries like Saudi Arabia, Malaysia and the United Arab Emirates, he noted,  had demonstrated that economic transformation is achievable through deliberate diversification strategies anchored on policy reforms, infrastructure investments and human capital development.

He said Nigeria needs to urgently harness its abundant natural resources, fertile agricultural lands, burgeoning creative industries, and a vibrant technology sector to build a resilient economy.

“Targeted policies, institutional reforms and partnerships can unlock the potential in agriculture, solid minerals, manufacturing, ICT and renewable energy”.

He said Nigeria’s economic transformation demands collective responsibility, adding that the government must lead with visionary policies, transparent governance and strategic investments in infrastructure and education.

On the part of the legislature, the Speaker said that Parliament should continue to enact enabling legislation and ensure rigorous oversight of policies and programmes aimed at diversification.

“Academia has a vital role in conducting research, generating data-driven insights and developing skills essential for the new economy,” he said.

The speaker, who charged the nation’s universities to strengthen collaborations with industries in order to drive innovation and entrepreneurship, said the private sector must embrace investments in emerging industries, support small and medium enterprises and leverage technology to boost productivity.

“As the backbone of Nigeria’s workforce, youths, including all of you in this hall, must seize opportunities in entrepreneurship, agriculture, digital technology and creative industries to redefine Nigeria’s economic narrative.

“Examples from countries like Malaysia and Singapore demonstrate how aligning government policies, academic research and private-sector innovations can drive transformation.

“Malaysia’s focus on manufacturing and industrialisation, coupled with sustained investments in education and technology, propelled it into a diversified economy.

“Singapore leveraged its strategic policies and talent pool to become a global hub for finance and innovation. These models show that with sustained commitment, Nigeria can achieve economic stability and prosperity,” he said.