Abbas Stresses Urgent Diversification of Nation’s Economy for Sustainable Economic Growth

Hammed Shittu in Ilorin

Speaker of the House of Representatives, Rt. Hon. Tajudeen Abbas, on Monday, 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 the move would ensure diversification of the nation’s economy and provide long-term growth and sustainability.

The speaker made the submissions in Ilorin, the Kwara State capital, while delivering the 14th convocation lecture of Al-Hikma University, located in the Adewole area of Ilorin

He decried the continued dependence of the country’s economy on oil, saying this can only lead to inequality, greater poverty among Nigerians, and mass unemployment.

At the convocation lecture titled, “Beyond oil: Exploring Alternative Revenue Potentials for Economic Growth and Sustainable Development in Nigeria,” Abbas said, “The harness of the 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 said countries, such as Saudi Arabia, Malaysia and the United Arab Emirates, had demonstrated that economic transformation was achievable through deliberate diversification strategies anchored on policy reforms, infrastructure investments, and human capital development.

He stated, “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.”

Abbas said Nigeria’s economic transformation demanded collective responsibility, adding that the government must lead with visionary policies, transparent governance, and strategic investments in infrastructure and education.

He said the legislature needed to enact enabling legislations and ensure rigorous oversight of policies and programmes aimed at economic 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 advised the country’s universities to strengthen collaboration with industries in order to drive innovation and entrepreneurship. He said the private sector must embrace investments in emerging industries, support small and medium enterprises and leverage technology to boost productivity.

Abbas stated, “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.”