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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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Belgian Ambassador Commits to Stronger Nigeria Ties

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By Gloria Ikibah

The Embassy of Belgium in Nigeria has reaffirmed its commitment to deepening diplomatic relations with the country.

Belgian Ambassador Pieter Leenknegt stated this during a courtesy visit by the Diplomatic Correspondents’ Association of Nigeria (DICAN), led by its Chairman, Frederick Idehai, at the embassy in Abuja.Discussions centered on fostering collaboration, particularly in capacity-building initiatives for DICAN members and other areas of mutual benefit.

Addressing the delegation, Ambassador Leenknegt also commented on the ongoing discord between Senate President Godswill Akpabio and Kogi Senator Natasha Akpoti-Uduaghan, describing it as an unnecessary distraction, urging key stakeholders to promote dialogue and reconciliation in the interest of national stability.

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Speaking further, Ambassador Leenknegt has some reservation over what he described as “sloppy journalism” among Nigerian Journalists which needs to be corrected.

 

This unpalatable adjective, according to the envoy, stems from an experience he had when he visited the Minister of the Federal Capital Territory, Nyesom Wike.

 

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“It was a fruitful meeting I had with the FCT Minister with key areas of interest well highlighted.

 

“However, the next day I was surprised to find in over 13 print and online media that the meeting the previous day, was between the outgone Ambassador of the Embassy and with his photograph attached.

 

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“This was a meeting I personally attended so how could they attribute it to my predecessor and attached his photo?

 

“That’s terrible and what it meant was that one person goofed and others copied from the original source without due verification,” he lamented.

 

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Earlier in his remarks, DICAN Chairman, Comrade Idehai Frederick emphasised that the partnership will enhance cultural exchange between Nigeria and Belgium.

 

He said the role of media in promoting democracy, good governance and bilateral relations cannot be overemphasized.

 

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“We will provide your country with the needed support in the area of quality and credible reportage for the sake of humanity,” Idehai said.

 

The visit also touched on the upcoming DICAN Diplomatic/Security International Conference, scheduled for June 19, 2025, in Abuja to brainstorm on how to make the world a better and safer place.

 

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“We want to enhance bilateral relations through our engagement and agenda setting.

 

“When governments across the nations of the world know that journalists are interested in monitoring their programmes, they wake up and address their challenges,” Idehai stated.

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Reps Minority Caucus Condemns Killings in Edo State

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By Gloria Ikibah 

The Minority Caucus of the House of Representatives has strongly condemned the recent killings of about 16 Nigerians, mainly northerners, by an armed group in Edo State.

In a statement signed by Minority Leader, Rep. Kingsley Chinda, Minority Whip, Rep. Ali Isa JC, Deputy Minority Leader Rep. Aliyu Madaki, and other leaders of the caucus on Saturday, the caucus described the attack as “barbaric” and “reprehensible,” warning that if such violence is not curbed, it could threaten national peace and unity.

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“We find such brutal killings of innocent Nigerians in any part of the country by lawless mobs very reprehensible, and if allowed to fester without being put in check by responsible organs of the federal government, such actions could threaten the peace and unity of the country,” the statement read.

The lawmakers urged Nigerians to avoid taking the law into their own hands and instead seek the intervention of law enforcement agencies when faced with security concerns.

The Minority Caucus called for swift action, and urged President Bola Ahmed Tinubu to direct security agencies to investigate the incident and ensure those responsible are brought to justice.

“We implore all Nigerians to never resort to such jungle attacks on their fellow citizens but to always implore the services of lawful authorities whenever they notice any issue of concern.

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“In the face of this grave incident, which is already setting emotions on edge in parts of the country, we hereby call on the President and Commander in Chief of the Armed Forces of the Federal Republic of Nigeria, His Excellency Senator Bola Ahmed Tinubu, GCFR, to direct the security agencies to investigate this matter and bring all those involved in the killings to book in order to prevent its recurrence. And also adequate compensation should be paid to the affected families,” they demanded.

The caucus also appealed to Nigerians to remain calm and allow the government to handle the matter.

“We also call on all Nigerians to remain calm, peaceful, and law-abiding and allow the federal and state governments to get to the root of this matter in the interest of justice,” the caucus stated.

The lawmakers extended their condolences to the families of the victims, and assured Nigerians of their commitment to ensuring justice is served.

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“We express our sincere sympathies and condolences to the families of the victims even as we assure them and all Nigerians that we, the Minority Caucus of the House of Representatives, will remain eternally vigilant until justice is done on this matter,” the statement continued.

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Police ‘rescue’ landlord, daughter from k!dnappers clutches in Lagos

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By Kayode Sanni-Arewa

Suspected gunmen abducted a landlord and his daughter in the Ijede area of Ikorodu in Lagos.

In a statement on Sunday, Benjamin Hundeyin, the Lagos police spokesperson, said the kidnappers abducted the victims on Wednesday.

Hundeyin added that on Saturday, the command rescued the kidnapped victims unhurt and handed them over to their family members.

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According to the police spokesperson, the command has launched a manhunt for the perpetrators.

“The police received information that some kidnappers invaded Ijede community and kidnapped two persons,” the statement reads.

“Upon receipt of the report, police operatives were mobilised to the scene where it was observed that the kidnappers forcefully gained entrance into the house of a 40-year-old man, killed the security dog and kidnapped him.

“The kidnappers equally forced their way into the nearby house and kidnapped the landlord’s 25-year-old daughter.

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“With the collaborative efforts of both the police joint task force and other stakeholders, the kidnapped victims were rescued unhurt and handed over to their family members.

“The area is relatively calm and being closely monitored, and efforts are ongoing to apprehend the wanted suspects.”

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