December 31, (THEWILL) – Speaker of the House of Representatives, Tajudeen Abbas, says Nigeria must decisively move beyond oil and develop sustainable pathways for inclusive growth, to secure its economic future.
Speaking at the 14th convocation lecture of Al-Hikmah University, Ilorin, Kwara State, the Speaker warned that continued overreliance on oil by the country will only lead to inequality, greater poverty among Nigerians and mass unemployment.
In his lecture titled, ‘Beyond Oil: Exploring Alternative Revenue Potentials For Economic Growth and Sustainable Development in Nigeria’, Tajudeen urged Nigeria to harness its abundant resources and human capital to diversify the nation’s economy for long-term growth and sustainability.
“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 -critical barriers to sustainable development”, he said.
The Speaker cited examples of countries such as Saudi Arabia, Malaysia and the United Arab Emirates, which have demonstrated that economic transformation is achievable through deliberate diversification strategies anchored on policy reforms, infrastructure investments and human capital development.
“This lecture has underscored the urgency of harnessing Nigeria’s abundant natural resources, fertile agricultural lands, burgeoning creative industries, and 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.
Empathising that Nigeria’s economic transformation demands collective responsibility, Tajudeen said 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 Parliament should continue to enact enabling legislation and ensure rigorous oversight of policies and programmes aimed at diversification.
He charged Nigerian universities to strengthen collaborations with industries to drive innovation and entrepreneurship, adding that the private sector must embrace investments in emerging industries, support small and medium enterprises, and leverage technology to boost productivity.
“Academia has a vital role in conducting research, generating data-driven insights and developing skills essential for the new economy. 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.
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