Nigeria's over-reliance on oil primary export has become neither sustainable nor prudent. The future of oil is increasingly uncertain – Speaker Tajudeen Abbas

On Monday, July 22, Speaker of the House of Representatives Tajudeen Abbas emphasized the growing uncertainty surrounding oil as the mainstay of Nigeria’s economy, underscoring the urgent need to invest in alternative sectors.

During his speech at the ‘Second Interactive Session on Developing Bankable Business Proposals for Youth and Women in Agriculture’ in Abuja, organized by the African Development Bank Group in partnership with the International Institute of Tropical Agriculture (IITA), Nigerians in Diaspora Commission (NiDCOM), and the Nigerian Agricultural Insurance Commission (NAIC), Abbas reiterated the parliament’s commitment to enacting laws that facilitate low-interest loans to farmers through agricultural banks and financial institutions to ensure food security.

Represented by his deputy, Hon. Benjamin Kalu, Speaker Abbas highlighted the critical need for Nigeria to diversify its economy. “As we gather here, it is crucial to acknowledge that our over-reliance on oil as our primary export has become neither sustainable nor prudent. The future of oil is increasingly uncertain, especially as the global community shifts towards greener, more sustainable energy sources,” he stated.

He stressed the potential of agriculture and information technology as key areas for economic growth and sustainability. By focusing on developing and implementing bankable business proposals, the aim is to empower youth and women—two vital demographics in Nigerian society—to become significant contributors to these sectors.

“In line with our legislative agenda, we are committed to supporting youth development. By working closely with the executive branch, we aim to launch public work programs targeting young people, particularly in infrastructure development and agriculture,” Abbas noted.

He further emphasized the importance of a robust legislative framework to support agricultural banks and financial institutions in providing low-interest loans to farmers, which is essential for fostering a thriving agricultural economy.

Speaker Abbas called on the African Development Bank to continue its collaboration with the Committee on Cooperation and Integration in Africa, highlighting that this partnership is vital for advancing significant initiatives across the continent. “This collaboration also ensures that important projects from the African Development Bank will receive the support and attention they need to succeed from the legislative branch,” he concluded.