Speaker of the House of Representatives, Tajudeen Abbas, has called for economic diversification and urged Nigerians to invest in agriculture.
He highlighted the increasing uncertainty of oil as the mainstay of the nation’s economy and the need for alternative investments for the nation’s future.
Speaker Abbas made these remarks on Monday at the ‘Second Interactive Session on Developing Bankable Business Proposals 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.
Represented by his deputy, Hon. Benjamin Kalu, Abbas emphasized the parliament’s commitment to enacting laws that would enable agricultural banks and other financial institutions to provide low-interest loans to farmers to achieve food security.
He urged the African Development Bank to maintain its collaboration with the Committee on Cooperation and Integration in Africa, highlighting the importance of this partnership in advancing significant progress across the continent.
“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,” Abbas said. “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 vast potential for economic growth and sustainability. By focusing on developing and implementing 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.”
He reiterated the importance of the African Development Bank’s collaboration with the Committee on Cooperation and Integration in Africa to ensure that key projects receive the necessary support and attention from the legislative branch.
