Speaker of the House of Representatives, Tajudeen Abbas, has called for economic diversification and urged all Nigerians to invest in Agriculture.
According to him, the future of oil as the mainstay of the nation’s economy was increasingly becoming uncertain hence the need for alternative investment in the nation’s future.
Speaker Abbas gave the advise on Monday, at the ‘Second Interactive Session on Developing Bankable Business Proposal for Youth and Women in Agriculture’, organised 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 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 asked the African Development Bank to continue its collaboration with the Committee on Cooperation and Integration in Africa, stressing that the partnership is vital for advancing initiatives that can 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.
He further urged the African Development Bank to continue its collaboration with the Committee on Cooperation and Integration in Africa.
His words: “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.”
