Future of Oil in Nigeria Uncertain, … Invest in Agriculture, Says Speaker Abbas

July 23, 2024

Speaker of the House of Representatives, Tajudeen Abass, said on Monday, July 22, that the future of oil as the mainstay of the nation’s economy is increasingly becoming uncertain, hence the need for alternative investment in the nation’s future.

The speaker said that the parliament was committed to enacting laws that would enable agricultural banks and other financial institutions to give low-interest loans to farmers to achieve food security.

He said that the future of oil was uncertain and that, therefore, made it imperative for the country to invest in alternative sectors of the economy.

Speaker Abass spoke at the ‘Second Interactive Session on Developing Bankable Business Proposal for Youth and Women in Agriculture’, organized by the African Development Bank Group, in partnership with the International Institute of Tropical Agriculture (IITA); Nigerians in Diaspora Commission (NiDCOM) and Nigerian Agricultural Insurance Commission (NAIC) in Abuja.

The speaker who was represented by his deputy, Hon. Benjamin Kalu, asked the African Development Bank to continue its collaboration with the Committee on Cooperation and Integration in Africa, stressing that the partnership was vital for advancing initiatives that could drive significant progress across the continent.

He said: “As we gather here, it is crucial to acknowledge that our over-reliance on oil as our primary export has become neither sustainable nor prudent.

“The future of oil is increasingly uncertain, especially as the global community shifts towards greener, more sustainable energy sources. This reality makes it not just necessary but urgent for us to explore and invest in alternative sectors, with agriculture standing out as a critical area for development.

“Agriculture and Information Technology offer a vast potential for economic growth and sustainability. By focusing on developing and implementing of bankable business proposals, we can empower our youth and women—two of the most vital demographics in our society—to become key players in these sectors.

“In line with our legislative agenda, we are committed to supporting youth development. By working closely with the executive branch, we aim to launch public work programs targeting young people, particularly in infrastructure development and agriculture.

“Furthermore, we are dedicated to establishing a robust legislative framework that supports agricultural banks or financial institutions, enabling them to provide low-interest loans to farmers. This framework is essential for fostering a thriving agricultural economy.

“I urge the African Development Bank to continue its collaboration with the Committee on Cooperation and Integration in Africa. This partnership is vital for advancing initiatives that can drive significant progress across the continent. This collaboration also ensures that important projects from the African Development Bank will receive the support and attention they need to succeed from the Legislative branch.”