From Taiye Joseph, Ilorin.
Speaker of the House of Representatives, Rt. Hon. Abbas Tajudeen, has emphasised the need for Nigeria to reduce its dependency on oil, warning that continued reliance on the resource will exacerbate inequality, poverty, and unemployment.
Speaking at the 14th convocation lecture of Al-Hikmah University, Ilorin, titled Beyond Oil: Exploring Alternative Revenue Potentials for Economic Growth and Sustainable Development in Nigeria, the Speaker advocated for harnessing Nigeria’s vast resources and human capital to drive economic diversification.
“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,” Tajudeen said.
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“This requires deliberate efforts to unlock the potential of other sectors, such as agriculture, solid minerals, technology, and the creative industries.”
Citing examples from Saudi Arabia, Malaysia, and the United Arab Emirates, he noted that deliberate diversification strategies anchored on policy reforms, infrastructure investment, and human capital development have successfully transformed these economies.
“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.
The Speaker highlighted the collective responsibility required for economic transformation, urging the government to adopt visionary policies, ensure transparent governance, and invest strategically in infrastructure and education.
He also called on the academia to collaborate with industries to drive innovation and entrepreneurship, while challenging the private sector to invest in emerging industries, support small and medium enterprises (SMEs), and leverage technology for increased 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,” he stated.
The event also featured the commissioning of the Faculty of Management Sciences by the Speaker.
Dignitaries at the occasion included the representative of Kwara State Governor, Abdulrahman Abdulrazaq, members of the House of Representatives, state lawmakers, the university’s founder, Chief Abdulraheem Oladimeji, Pro-Chancellor, Alhaja Sekinat Yusuf, Vice-Chancellor Professor Noah Yusuf, and leaders of the Kwara University Consortium (KU8+), led by Professor Wahab Egbewole. Notable industrialists and traditional rulers also graced the ceremony.
