The Speaker, House of Representatives, Rt. Hon. Abbas Tajudeen, has stated that no amount of oil drilling and selling would take Nigeria out of underdevelopment, suggesting diversification of the economy.

He cited countries like Malaysia, India and China as those that were once on the cadre with Nigeria but invested in economic diversification and now enjoy world economic ranking.

Tajudeen, while delivering the Al-Hikmah University Ilorin’s 14th convocation lecture titled: “Beyond oil: exploring alternative revenue potentials for economic growth and sustainable development in Nigeria,” on Monday said both the government and the citizenry must be psychological prepared for the paradigm shift.

The legislator said there is an evil associated to the nation’s over reliance on oil revenues, highlighting the economic, environmental, and structural challenges it has caused the country.

His lecture 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.

“Investing in non-oil sectors can
stimulate economic resilience and reduce dependence on volatile oil markets,” he posited, adding that countries like Norway, Malaysia, and China achieved economic stability through diversified economies by focusing on fisheries, agriculture, renewable energy, and manufacturing. Nigeria must adopt similar strategies to maximise its potential,” he expressed.

Urging the government to diversify into neglected and untapped resources, the lecturer enjoined the government to consider strategic investments in agriculture, manufacturing, solid minerals, tourism, and renewable energy to reduce dependence on oil, create jobs, and foster sustainable development.

He said, with the chunk of attention on other non-oil sector, “Nigeria can unlock its vast economic potential,” though with visionary leadership and targeted policies, “Nigeria will secure a prosperous future,” he added.

According to him, institutional reforms, and
partnerships can unlock the potential in agriculture, solid minerals, manufacturing, and renewable energy.