Diversifying Nigeria's Economy: The Need for Agricultural Investment

As Nigeria's economy continues to face challenges, the Speaker of the House of Representatives, Hon. Tajudeen Abbas, has emphasized the importance of diversifying the country's economy and investing in agriculture. Speaking at the "Second Interactive Session on Developing Bankable Business Proposal for Youth and Women in Agriculture" organized by the African Development Bank Group, Hon. Abbas highlighted the need for alternative investments in the nation's future, given the uncertainty surrounding the future of oil as the mainstay of the economy.

The Speaker, who was represented by his deputy, Hon. Benjamin Kalu, stressed that the parliament is committed to enacting laws that will enable agricultural banks and other financial institutions to provide low-interest loans to farmers, thereby achieving food security. He also urged the African Development Bank to continue its collaboration with the Committee on Cooperation and Integration in Africa, emphasizing the importance of this partnership in advancing initiatives that can drive significant progress across the continent.

Hon. Abbas noted that the future of oil is increasingly uncertain, as the global community shifts towards greener, more sustainable energy sources. He emphasized that agriculture and information technology offer vast potential for economic growth and sustainability, and that by focusing on developing and implementing bankable business proposals, Nigeria can empower its youth and women to become key players in these sectors.

The Speaker also highlighted the importance of supporting youth development, particularly in infrastructure development and agriculture, and the need for a robust legislative framework that supports agricultural banks or financial institutions. He emphasized that this framework is essential for fostering a thriving agricultural economy.

In conclusion, Hon. Abbas urged all Nigerians to invest in agriculture, emphasizing that it is a critical area for development and a vital sector for the country's economic growth and sustainability.