Nigeria’s over-reliance on oil as its primary export has become unsustainable and imprudent, according to Speaker Tajudeen Abbas.
Addressing the issue, Abbas highlighted the growing uncertainty surrounding the future of oil and emphasized the need for diversification in the country’s economic strategies.
The Speaker’s remarks come amidst a backdrop of fluctuating global oil prices and increasing calls for economic reform.
Nigeria’s dependence on oil revenues has long been a cornerstone of its economy, but this reliance has made the nation vulnerable to global market shifts and environmental concerns.
The volatility of oil prices has led to economic instability and highlighted the risks associated with depending heavily on a single commodity.
Abbas underscored that the future of oil as a reliable economic resource is becoming increasingly uncertain due to a variety of factors, including the global transition toward renewable energy sources and fluctuating demand.
This shift towards greener energy solutions is influencing global markets and reducing the long-term viability of oil-dependent economies.
In light of these challenges, Abbas has called for a strategic reassessment of Nigeria’s economic policies.
He stressed the importance of developing alternative sectors and creating a more diversified economic base.
This would involve investing in other industries such as agriculture, technology, and manufacturing to reduce the country’s dependency on oil revenues and create a more resilient economy.
The Speaker’s comments reflect a broader recognition of the need for economic transformation and sustainable development in Nigeria.
By advocating for diversification, Abbas aims to encourage policy makers and stakeholders to explore and invest in alternative economic opportunities, thus safeguarding the nation’s future economic stability and growth.