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Diversification from oil, an urgent economic necessity – Speaker Abbas

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…as he charged stakeholders at 14th Al-Hikmah inivarsity convocation lecture
By Gloria Ikibah
The Speaker of the House of Representatives, Rep. Abbas Tajudeen, has emphasised the urgent need for Nigeria to diversify the oil-dependent economy, warning that a further delay poses more challenges ahead for the country.
Speaker Abbas who stated this during the 14th Convocation Lecture of the Al-Hikmah University, on Monday, on Monday, called for deliberate and collective efforts by all stakeholders in the public and private sectors to chart a strategic way forward for the country economically.
Naijablitznews.com reports that was the first convocation lecture the Speaker personally delivered since his emergence in June 2023, Titled, ‘Beyond Oil: Exploring Alternative Revenue Potentials for Economic Growth and Sustainable Development in Nigeria’.
The Speaker, who expressed his delight for being the convocation lecturer at the first Islamic-based private University in Nigeria, noted that the topic was apt, as he considered it “a great challenge to the consciousness of our political leaders, policymakers, technocrats, and academicians on the need for strategic thinking and urgent collective action.”
While stating that the topic “speaks to one of the most pressing challenges confronting our nation,” Speaker Abbas stressed that “it becomes evident that our over-reliance on oil revenue has left us vulnerable to global market fluctuations, environmental degradation, and economic instability.”
Speaker Abbas listed the potential sectors for diversification in Nigeria as including agriculture, mining, manufacturing/industrialisation, ICT/digital economy, creative industries/tourism.
Speaker Abbas also noted that oil dependency has led to several economic, environmental, and strategic challenges. Economically, he said Nigeria faces significant volatility due to fluctuations in global oil prices.
The Speaker equally identified the challenges impeding diversification as including institutional weaknesses, infrastructural deficits, and global economic pressures.
The Speaker noted that the urgency of the discussion cannot be overstated, especially 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,” he said.
Apart from that, he said oil dependency has contributed to severe environmental degradation, especially in the Niger Delta region, where most of Nigeria’s oil production occurs.
Furthermore, the Speaker said Nigeria faces the strategic challenge of adapting to the global transition towards renewable energy sources.
“As the world moves to reduce carbon emissions and adopt cleaner energy technologies, the demand for fossil fuels is expected to decline. This transition poses a long-term risk to Nigeria’s oil revenues and economic stability.
“Without a robust strategy for economic diversification, Nigeria may struggle to remain competitive in a changing global energy market. Addressing these challenges requires coordinated efforts to enhance economic resilience, protect the environment, and position Nigeria for sustainable growth in a low-carbon future,” he stated.
Recognising these challenges, Speaker Abbas equally noted that Nigeria has pursued economic diversification for over 30 years to reduce its dependence on oil revenues.
“Despite these efforts, Nigeria’s economy remains highly reliant on oil,” the Speaker, however, stated.
Speaker Abbas pointed out that economic diversification is vital for stability, job creation, and achieving the Sustainable Development Goals (SDGs). “Nigeria’s debt-to-GDP ratio of 34.6 percent necessitates prudent resource management. Investing in non-oil sectors can stimulate economic resilience and reduce dependence on volatile oil markets,” he stated.
The Speaker noted that President Bola Ahmed Tinubu’s administration has prioritised economic diversification through bold reforms, including removing fuel subsidies and implementing the Presidential Initiative on Compressed Natural Gas (CNG).
He said: “The administration’s tax reform programme aims to improve Nigeria’s tax-to-GDP ratio, currently at 10.9%, by streamlining administration and broadening the tax base (Nigeria Economic Data, 2024).
“Investments in infrastructure and human capital development, including a proposed N16 trillion allocation to infrastructure and N6 trillion for education, further demonstrate the government’s commitment to sustainable growth.”
The Speaker stated that embracing economic diversification is critical for Nigeria to navigate global energy transitions, meet climate commitments, address demographic pressures, and achieve economic stability.
He said: “Strategic investments in agriculture, manufacturing, solid minerals, tourism, and renewable energy will reduce dependence on oil, create jobs, and foster sustainable development. With visionary leadership and targeted policies, Nigeria can unlock its vast economic potential and secure a prosperous future.”
Speaker Abbas told the audience that the 10th House of Representatives, tagged the ‘People’s House,’ has demonstrated a strong commitment to addressing economic challenges through its Legislative Agenda. “This agenda prioritises unlocking economic growth and developing Nigeria’s vast human and natural resources, emphasising legislative reforms and strategic oversight to support diversification,” he noted.
Acknowledging the need for economic restructuring, Speaker Abbas disclosed that the House has supported legislation to reduce dependence on oil revenues, enhance agricultural productivity, and promote industrialisation.
“Constituency projects, including road construction, school renovations, and water supply schemes, have also contributed to job creation and economic empowerment at the grassroots level,” he said.
Speaker Abbas concluded by saying: “This lecture has laid bare the vulnerabilities inherent in Nigeria’s over-reliance on oil revenues, highlighting the economic, environmental, and structural challenges this dependence has created.
“We examined Nigeria’s historical trajectory as an oil-dependent nation and drew lessons from the successes and failures of other resource-rich countries.
“Notable examples such as Saudi Arabia, Malaysia, and the United Arab Emirates demonstrate that economic transformation is achievable through deliberate diversification strategies anchored on policy reforms, infrastructure investments, and human capital development.”
He added that the 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.”
Speaker Abbas stressed: “Nigeria’s economic transformation demands collective responsibility. The government must lead with visionary policies, transparent governance, and strategic investments in infrastructure and education. 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. Universities should strengthen collaborations with industries to drive innovation and entrepreneurship.
“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.”

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Nigerian military authorities place N60m bounty on two most wanted bandits, expose ISWAP commanders

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The Nigerian military has unmasked several senior commanders of the Islamic State West Africa Province (ISWAP) following what it described as a major intelligence breakthrough during ongoing counter-terrorism operations in the Lake Chad region of Borno State, placing a combined ₦60 million bounty on two of the group’s most wanted leaders.

The development came after troops of the Headquarters Joint Task Force (North East), Operation HADIN KAI, recorded a series of successful offensives against ISWAP terrorists operating in northern Borno, leading to the recovery of critical intelligence materials that exposed the identities, operational locations and command structure of several high-ranking insurgent leaders.

Acting Military Information Officer of Operation HADIN KAI, Captain Mohammed Goni, said troops recovered several technical devices and other high-value intelligence materials, including a camcorder allegedly used by the terrorists to produce propaganda videos and document their operations.

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According to him, forensic exploitation of the recovered devices generated actionable intelligence that enabled security forces to identify terrorist hideouts and several senior ISWAP commanders operating within the Mangari–Metele–Dogon Chukun axis along the fringes of the Lake Chad Basin in Abadam and Kukawa Local Government Areas of Borno State.

The military subsequently released photographs of dozens of identified ISWAP leaders and field commanders in a public appeal for information capable of leading to their arrest.

A large intelligence poster bears the inscription: “Most Wanted ISWAP Leaders – We Know Them. You Can Stop Them. These are known ISWAP terrorists and commanders operating in our communities. Your information can save lives and help restore peace.”

The poster contains photographs and aliases of at least 38 suspected ISWAP commanders and fighters believed to be active across northern Borno and the Lake Chad region.

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Jerry Falade loses $2m book deal over AI allegations

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A Nigerian author Jerry Falade has lost a publishing deal worth more than $2 million after concerns emerged that artificial intelligence may have been used in writing or editing his debut crime novel, Call Me, I’ll Hide the Body.

The novel, scheduled for publication in 2028, sparked a bidding war involving 14 publishing houses, with Macmillan U.S.‘s Minotaur imprint reportedly securing the rights.

However, Falade’s literary agents later withdrew the manuscript, saying they could no longer verify that AI was not involved in its creation.

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In an email to publishers, the agents said they initially trusted Falade’s assurance that the manuscript was written and edited without AI, but later concluded they could no longer authenticate how it evolved from its original draft to the final version.

Marc Gerald of Europa Content, which handled the U.S. auction, said an editor first raised concerns about possible AI use. Although the agency initially accepted Falade’s explanation without using AI-detection software, it cut ties with the author on July 29 after saying aspects of his account had changed.

Falade has denied using AI, arguing that Black authors are unfairly subjected to such allegations when their work gains international attention. He noted that some white authors have openly acknowledged using AI without facing similar consequences.

He also referenced U.S.-based Black authors Mia Ballard and HM Wolfe, who lost publishing deals earlier this year over similar claims. Falade added that AI-detection tools are known to produce false positives and maintained that publishing professionals who reviewed the manuscript would have identified any genuine misuse of AI.

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Osun guber: Your uncle will soon become jobless get him one – Uzodimma mocks Davido

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Imo State Governor and Chairman of the All Progressives Congress (APC) National Campaign Council for the Osun governorship election, Hope Uzodimma, has responded to singer David Adeleke, also known as Davido, over comments made ahead of the August 15 governorship poll in Osun State.

According to a report by Premium Times, Davido, while addressing supporters in his capacity as head of the youth campaign mobilisation team for Governor Ademola Adeleke, alleged that a politician from Imo State was planning to interfere in the Osun governorship election.

Although the singer did not mention any name, he alleged that the politician intended to use the election as a political battleground to prove a point and urged the individual to allow the people of Osun State to freely choose their preferred candidate.

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Reacting in a statement issued on Wednesday by his Senior Special Assistant on Electronic and Creative Media, Ambrose Nwaogwugwu, Uzodimma said Davido’s appeal was misplaced and should instead be directed to the people of Osun State, who would ultimately decide the outcome of the election through their votes.

The governor maintained that, as Chairman of the Progressive Governors’ Forum and the APC National Campaign Council for the Osun election, he had consistently advocated a peaceful, free and credible electoral process.

Uzodimma also stated that the APC would continue to appeal to the conscience of Osun voters to support and elect the party’s governorship candidate, Asiwaju Munirudeen Bola Oyebamiji.

He further claimed that many voters in Osun were prepared to vote out Governor Ademola Adeleke over what he described as the administration’s failure to fulfil its campaign promises.

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According to him, indications across the state suggested that a significant number of voters had rejected the current administration and were ready to embrace a new direction by voting for the APC in the August 15 governorship election.

Uzodimma also advised Davido to focus on preparing his uncle for life after office rather than making emotional appeals, insisting that the electorate appeared ready to support the APC candidate.

The Imo governor added that the singer should consider employing Governor Adeleke as a dancer in his music band after the election, expressing confidence that the governor could be out of political office after the governorship poll.

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