Reps. Speaker Tajudeen Says Economic Diversification Vital For Stability, Development
Rt. Hon. Abbas Tajudeen, the Speaker, House of Representatives of Nigeria says Nigeris’s economic diversification is vital for stability, job creation and achieving the Sustainable Development Growth
Delivering 14th Convocation Lecture of the Al-Hikmah University, Ilorin on Monday, the Speaker noted that President Bola Ahmed has prioritised economic diversification through bold reforms, including removing fuel subsidies and implementing initiatives on Compressed Natural Gas (CNG)
Hon. Tajudeen who spoke on “Beyond Oil: Exploring Alternative Revenue Potentials for Economic Growth and Sustainable Development in Nigeria” said that the country’s economic transformation demands collective responsibility.
He urged Nigerian government to pay more attention to agriculture, agro-industrialisation, ICT and Digital economy, Creative industries and Tourism, Human Capital Development, Infrastructure Development among others.
According to him, the government must lead with visionary policies, transparent governance, and strategic investment in Infrastructure and education.
“Parliament should continue to enact enabling legislation and ensure rigorous oversight of policies and programmes aimed at economic diversification.
“Academia has a vital role in conducting research, generating data-driven insights, and developing skills essential for the new economy.
” Universities should strengthen collaboration with industries to drive innovation and entrepreneurship.
“The private sectors must embrace investments I emerging industries, support small and medium enterprises, and leverage technology to boost productivity
“As a backbone of Nigeria’s workforce, youth including all Nigerians must seize opportunuin entrepreneurship, agriculture, digital technology, and creative industries to redefine Nigeria’s economic narrative.
Unlocking Nigeria’s mineral potentials offers a viable pathway for economic diversification, revenue generation and industrialisation; with deliberate policy intervention and investments the sector can transform into key pillar of sustainable development,” he said.
The Speaker urged the country to draw example from Malaysia and Singapore’s demonstration by aligning government policies, academic research and private-sector innovation to drive transformation.
Tajudeen disclosed that the House of Representatives had 98 motions to address economic challenges, focusing on restructuring key sectors, supporting agriculture, and restoring investor confidence.
He added that in 18 months, the House of Representatives committees have conducted oversight visits to over 107 ministries, saying these oversight activities ensure accountability, address bottlenecks and promote transparency in project implementation.
The guest lecturer said that effective implementation of diversification strategies requires continuous legislative monitoring, using legislative tools such as the public account committee to ensure that funds allocated for diversification projects are properly utilised and delivered measurable outcomes.
Hon. Tajudeen listed some of the challenges to economic diversification in the country to include institutional weaknesses, infrastructural deficits, corruption, and global economic pressures like fluctuations in commoditty prices and geopolitical tensions.
He pointed out that Nigeria has abundant mineral resources, including gold, limestone, bitumen, lead, zinc, and iron ore, saying over 450 minerals occurring in commercial quantities have been documented across the country.
Meanwhile, the convocation lecture programme was followed by the commissioning of the faculty of Management Sciences of the university by the Speaker.
Dignitaries present at the event include a representative of the Kwara state governor, Abdulrahman Abdulrazaq, members of the House of Representatives and the state House of Assembly, founder of the university, Chief Abdulraheem Oladimeji, pro-chancellor and chairman, Governing Council, Alhaja Sekinat Yusuf, the university vice-chancellor, and Professor Noah Yusuf.
Other dignitaries include the leader of the Kwara University Consortium (KU8+) and vice chancellor, University of Ilorin, Professor Wahab Egbewole, and other members of the consortium, notable industrialists, royal fathers, among other Nigerians.
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