As Nigeria faces an uncertain oil future, Speaker Abbas calls for a focus on agriculture. Find out why he believes this is crucial for the country’s economy.
On Monday, July 22nd, Tajudeen Abbas, the Speaker of the House of Representatives remarked that since oil’s role as Nigeria’s economic backbone is growing uncertain by the day; it was vital to invest in alternative options for securing its future.
According to the speaker, parliament was devoted to passing legislation that would facilitate agricultural banks and relevant financial entities in granting farmers low-interest loans with regards to food security attainment.
He suggested investing in alternative sectors of the economy, citing uncertainty in the future of oil.
Abbas, the speaker at the “Second Interactive Session on Developing Bankable Business Proposal for Youth and Women in Agriculture”, delivered his speech during an event organized by the African Development Bank Group. The conference was held in partnership with various organizations including International Institute of Tropical Agriculture (IITA), Nigerians in Diaspora Commission (NiDCOM) and Nigerian Agricultural Insurance Commission(NAIC). This session took place in Abuja.
In the absence of the speaker, Hon. Benjamin Kalu presented a request for the African Development Bank to sustain its partnership with the Committee on Cooperation and Integration in Africa. It was emphasized that this collaboration is essential for promoting initiatives capable of igniting noteworthy advancements throughout the continent.
He emphasized the importance of acknowledging our over-reliance on oil as our primary export, stating that it has become neither sustainable nor prudent.
As the world moves towards more eco-friendly and sustainable energy sources, the outlook for oil appears increasingly unpredictable. To address this pressing issue, it is imperative that we start exploring alternative industries as a matter of priority. Agriculture presents itself as one key sector with immense potential for growth and development in these changing times.
There is enormous potential for economic growth and sustainability through Agriculture and Information Technology. We can enable our youth and women, who are the crucial demographic in our society, to become significant players in these sectors by prioritizing the development and implementation of profitable business propositions.
Our dedication to promoting the growth of youth aligns with our legislative objectives. We plan on collaborating alongside the executive department in introducing public initiatives aimed at empowering young individuals, emphasizing infrastructure development and agriculture as key areas for intervention.
In addition, we are committed to creating a strong set of laws that bolster agricultural banks and other financial institutions in their ability to offer farmers loans with low interest rates. This framework is crucial for cultivating a flourishing agricultural sector.
“I encourage the African Development Bank to maintain its partnership with the Committee on Cooperation and Integration in Africa as it is essential for promoting initiatives that can facilitate substantial growth throughout the continent. This alliance also guarantees legislative backing and assistance required for successful execution of significant projects by the bank.”
