Nigeria’s over-reliance on oil is putting its future at risk, according to Tajudeen Abbas, the Speaker of the House of Representatives. In a speech at the 14th convocation of Al-Hikmah University in Ilorin, Abbas warned that depending too much on oil would only lead to more poverty, inequality, and joblessness in the country. He stressed the urgent need for Nigeria to explore other economic sectors to secure a better future for its people.

With the decline in oil revenues and the growing global move toward renewable energy, Abbas believes it’s time for Nigeria to move beyond oil. He urged the country to take full advantage of its resources and talented workforce to create a more diverse and sustainable economy. Key sectors like agriculture, technology, solid minerals, and creative industries hold the potential to transform Nigeria’s economy and provide much-needed jobs.

Drawing inspiration from countries like Saudi Arabia, Malaysia, and the UAE, which have successfully reduced their dependence on oil, Abbas emphasized that Nigeria can follow suit. He pointed out that for real change to happen, the government must take the lead by developing clear policies, promoting good governance, and investing in infrastructure and education.

Abbas also highlighted the importance of the legislature’s role in creating laws and ensuring that the diversification efforts are successful. Universities, according to him, must focus on research and skills development to support the emerging economy. Moreover, he called on the private sector to invest in new industries, support small and medium-sized businesses, and embrace technology to boost productivity.

By diversifying its economy and reducing dependence on oil, Nigeria can tackle the challenges of poverty, inequality, and unemployment, building a more secure and prosperous future for all its citizens.