Abbas Harps on Economic Diversification for Long-term Growth, Sustainability
Hammed Shittu in Ilorin
Speaker of the House of Representatives, Rt. Hon. Tajudeen Abbas, yesterday underscored the urgent need to harness Nigeria’s abundant natural resources, fertile agricultural lands, burgeoning creative industries, and vibrant technology sector to build a resilient economy.
Abbas said that, such move would ensure diversification of the nation’s economy and providing long-term growth and sustainability.
The Speaker made the submissions in Ilorin, the Kwara State capital, yesterday while delivering the 14th convocation lecture of Al-Hikma University, Ilorin.
He decried the continued dependence of the nation’s economy on oil production that can only lead to inequality, greater poverty among Nigerians and mass unemployment.
The convocation lecture titled: ‘Beyond oil: Exploring alternative revenue potential for economic growth and sustainable development in Nigeria’, Rt. Hon Abbas said that: “The harness of nation’s abundant resources and human capital would also go a long way to secure Nigeria’s economic future while the country must decisively move beyond oil and develop sustainable pathways for inclusive growth.”
According to him, “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.”
The Speaker also said that examples of such countries as Saudi Arabia, Malaysia and the United Arab Emirates had 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 also said that 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 the 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 that 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.
