Urgent Wake-Up Call: Speaker Abbas Declares Nigeria Can’t Thrive Without Breaking Free From Oil

Urgent Wake-Up Call: Speaker Abbas Declares Nigeria Can’t Thrive Without Breaking Free From Oil

The Speaker of the House of Representatives, Tajudeen Abbas, has once again stressed the urgent need for Nigeria to reduce its overwhelming reliance on oil to secure its economic future. He warned that without diversifying from oil, the country…Urgent Wake-Up Call: Speaker Abbas Declares Nigeria Can’t Thrive Without Breaking Free From Oil

risks missing out on its true economic potential and falling behind in the global arena.

Speaking at the 14th Convocation Lecture of Al-Hikmah University, Ilorin, on Monday, Abbas highlighted the theme “Beyond Oil: Exploring Alternative Revenue Potentials for Economic Growth and Sustainable Development in Nigeria.” He pointed out that Nigeria’s dependence on oil has made the nation vulnerable to global market shifts, environmental degradation, and economic instability.

“Increasingly, it’s becoming clear that the country’s over-reliance on oil revenue is not just unsustainable but perilous,” Abbas stated. “This challenge calls for immediate action and a collective effort from political leaders, policymakers, and all citizens to develop strategies that will take Nigeria beyond oil.”

The Speaker urged for a comprehensive and coordinated approach to economic diversification, stressing that sectors such as agriculture, mining, ICT, tourism, and manufacturing hold immense potential. He cautioned that further delay in diversifying the economy could leave Nigeria increasingly exposed to the volatility of global oil prices.

Abbas noted that the country’s ongoing infrastructural and institutional weaknesses, compounded by global economic pressures, pose a significant challenge to diversification efforts. He emphasized the need for coordinated action across both the public and private sectors to protect the environment and build a resilient economy for the future.

“Without a clear strategy for diversification, Nigeria risks falling behind in the rapidly changing global energy market,” he said. “The country must prepare for a low-carbon future and position itself for long-term sustainable growth.”

In line with this, Abbas highlighted the House of Representatives’ role in supporting policies and legislation aimed at reducing Nigeria’s dependence on oil revenue. He also pointed out the positive impact of constituency projects, including road constructions, school renovations, and water supply schemes, which have helped create jobs and boost local economies.

The Speaker applauded the management and staff of Al-Hikmah University for organizing a timely and insightful lecture that addressed such a critical issue for the nation’s development.

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