Over-Dependence On Oil Will Exacerbate Inequality, Poverty, Unemployment in Nigeria — Speaker Abbas

Ilorin, Kwara State — Speaker of the House of Representatives, Tajudeen Abbas, has warned that Nigeria’s continued reliance on oil revenue poses a threat to the nation’s economic stability, potentially deepening inequality, poverty, and unemployment.

Speaking during the 14th convocation lecture of Al-Hikmah University in Ilorin on Monday, Abbas stated that the urgent need for Nigeria to diversify its economy by leveraging its abundant natural resources and human capital.

“To secure Nigeria’s economic future, we must decisively move beyond oil and develop sustainable pathways for inclusive growth,” the Speaker said.

He noted that oil dependence leaves Nigeria vulnerable to global market fluctuations, exacerbating socioeconomic challenges.

Abbas called for strategic investments in sectors such as agriculture, manufacturing, and technology to create job opportunities and reduce poverty.

He urged policymakers to adopt long-term plans that prioritize economic diversification and inclusivity.

Speaker Abbas explained the need for Nigeria to shift its economic focus in response to dwindling oil revenues, global transitions to renewable energy, and the growing demand for job creation.

“With these challenges, it is crucial to chart a new course for economic transformation by unlocking the potential of sectors like agriculture, solid minerals, technology, and creative industries,” Abbas stated.

He highlighted that such a transformation would secure Nigeria’s economic future while addressing critical issues such as poverty, inequality, and unemployment, which are major obstacles to sustainable development.

Citing examples of nations like Saudi Arabia, Malaysia, and the United Arab Emirates, Abbas noted the success of their diversified economic strategies.

He stressed that achieving economic transformation requires a collective effort, with the government taking the lead through visionary policies, transparent governance, and strategic investments in infrastructure and education.

The Speaker also explained the role of the legislature in passing enabling laws and rigorously overseeing policies and programs aimed at diversification.

He called on the academic community to conduct research, provide data-driven insights, and equip the workforce with skills necessary for the new economy.

However, Abbas urged Nigerian universities to foster stronger collaborations with industries to drive innovation and entrepreneurship.

He further encouraged the private sector to invest in emerging industries, support small and medium enterprises, and leverage technology to enhance productivity.