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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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NAF acquires 12 fighter aircraft

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The Nigerian Air Force, on Saturday, said it acquired 12 additional fighter aircraft to boost the operational capabilities of the force.

The new additions to the NAF fleet include two King Air 360i light transport aircraft, four T-129 ATAK helicopters, two AgustaWestland 109 Trekkers, and four DA-62 surveillance aircraft.

Chief of Air Staff, Air Marshal Hassan Abubakar, stated this during a parley with NAF veterans resident in Kaduna.

Abubakar added that moving forward, the NAF is poised to take delivery of 24 M-346 fighter aircrafts and 10 additional AgustaWestland 109 Trekker helicopters from Italy.

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According to him, other platforms being expected include two additional T-129 ATAK helicopters from Turkey, three CASA 295 transport aircrafts from Spain, and 12 AH-1Z Viper helicopters from the United States.

He said the NAF would take additional delivery of 50 brand-new aircraft between December 2025 and 2026.

According to the Air Chief, the acquisition of the new aircraft is part of the NAF’s efforts to boost its operational effectiveness.

In addition to acquiring new aircraft, he said the NAF has also adopted a predictive maintenance culture aimed at reducing equipment failures and downtime.

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Abubakar, represented by NAF’s Chief of Administration, Air Vice Marshal Idi Sani, at the event, noted that the Force had made significant strides in various areas in the last 18 months.

“The Nigerian Air Force is committed to becoming a more effective and agile force capable of addressing the country’s security challenges.

“We have made significant progress in the last 18 months, and we are committed to sustaining this momentum. The acquisition of the new aircraft is a testament to our commitment to becoming a more effective and agile force,” the CAS stated.

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SANs disagree over prosecution of indicted retired judges

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Some senior lawyers in the country have disagreed over the prosecution of judges who were recently recommended for compulsory retirement for falsifying their ages.

The National Judicial Council, under the chairmanship of the Chief Justice of Nigeria, Justice Kudirat Kekere-Ekun, in a statement on 15 November, disclosed that two heads of the court had been recommended for compulsory retirement over age falsification.

The Chief Judge of the Imo State High Court, Justice T. E. Chukwuemeka Chikeka, was recommended for compulsory retirement.

Similarly, the NJC also directed the Grand Kadi of Yobe State, Kadi Babagana Mahdi, who had three different dates of birth—10 December, 28 January, and July, all in 1959, with the actual date of birth being 1952—to go on compulsory retirement.

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Some Nigerians have been calling for the prosecution of the indicted judges to serve as a deterrent to others.

However, some Senior Advocates of Nigeria disagreed with the call, noting that prosecuting the affected judges might be too severe.

This was as some other senior lawyers said the prosecution would serve as a deterrent to others.

A former chairman of the Presidential Advisory Committee Against Corruption, Professor Itse Sagay, SAN, stated that the decision of the NJC to retire the judges compulsorily was sufficient.

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He said, “I think that punishment is enough. You know the disgrace and the shame of being exposed for falsifying age and then being retired compulsorily? Some punishments are even worse than prison because these are people of great importance in their various circles and societies. I think that punishment is enough, but as I said, I think we should give the new CJN a chance. I am going to personally do that.”

Sharing a similar view, another senior lawyer, Lekan Ojo, SAN, said the nature of the offence committed by the indicted judges would determine if they deserved to be prosecuted or not.

According to him, if the falsification is via an affidavit, it could constitute a crime, but if it was just through merely filling a form, it can’t be criminalised.

“In my view, after asking them to go on compulsory retirement and refund the excess money they might have collected, those two things are appropriate,” he stated.

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However, another legal luminary, Chief Mike Ahamba, disagreed with Sagay and Ojo, saying, “I cannot question the decision of the NJC since they made the decision based on the facts before them.”

Another senior lawyer, Kunle Adegoke also echoed a similar position, commending the NJC for wielding the wisdom stick.

He said, “The punishment is not enough. The temple of justice is a place where integrity is prioritised, and I believe that to deter others from repeating the same, the punishment should be stiff.

“The NJC putting them on compulsory retirement is good, but they will still be entitled to pension. So I think prosecuting for such an offence will scare others from repeating the same.”

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Kwara orders removal of billboards on two major roads in Ilorin

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The Kwara State Signage and Advertisement Agency, KWASAA, has directed all billboard and signage owners, including private and government entities, to immediately remove all forms of outdoor advertisements erected along Ahmadu Bello Way, from the first flyover to the second flyover, and along Murtala Muhammad Way, Ilorin, in the state capital.

The General Manager of KWASAA, Alhaji Imam Ismail Asukuti, issued the directive on Saturday in a statement by the spokesman of the agency, Abubakar Owolabi.

He urged the affected individuals, ministries, parastatals, agencies, and commissions to comply immediately.

“This directive is part of the government’s commitment to the growth, development, and transformation of the state, particularly in advancing its city reform agenda,” Asukuti affirmed in the statement.

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He called on stakeholders in the outdoor advertisement industry and the general public to adhere strictly to the directive, emphasising that it was aimed at enhancing the aesthetic and infrastructural development of the state.

The KWASAA general manager further assured the public of the agency’s dedication to creating an organised and visually appealing environment across the state.

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