The speaker of the House of Representatives, Tajudeen Abbas, says continued over-reliance on oil by Nigeria will only lead to inequality, greater poverty among Nigerians and mass unemployment.

While delivering the 14th convocation lecture of the Al-Hikmah University in Ilorin on Monday, Mr Abbas said Nigeria should harness its abundant resources and human capital to diversify its economy.

“This will help to ensure long-term growth and sustainability,” he said.

The speaker noted that to secure Nigeria’s economic future, Nigeria must decisively move beyond oil and develop sustainable pathways for inclusive growth.

“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.

Mr Abbas also said examples of such countries toeing that line are Saudi Arabia, Malaysia and the United Arab Emirates.

“They have demonstrated that economic transformation is achievable through deliberate diversification strategies anchored on policy reforms, infrastructure investments and human capital development,” stated the politician.

He stated that the 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.

“Targeted policies, institutional reforms and partnerships can unlock the potential in agriculture, solid minerals, manufacturing, ICT and renewable energy,” the speaker added.

(NAN)