The Speaker of the House of Representatives, Rt. Hon. Tajudeen Abbas, on Monday, hinted at plans by the parliament to enact laws that would boost funding for agricultural activities to achieve the national goal of food security.
Describing the fate of crude oil as uncertain, the speaker emphasised the importance of diversifying the nation’s economy, particularly in respect to agriculture.
Abbas made these remarks on Monday at “The ‘Second Interactive Session and Workshop on Developing Bankable Business/Proposal Business Plans for Youth and Women in Agriculture,” organised by the African Development Bank Group, in partnership with the International Institute of Tropical Agriculture, Nigerians in Diaspora Commission and Nigerian Agricultural Insurance Commission.
Represented by the Deputy Speaker, Benjamin Kalu, Abbas urged the AfDB to continue its collaboration with the Committee on Cooperation and Integration in Africa, noting that the partnership is vital for advancing initiatives capable of driving significant progress across the continent.
He said: “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.
“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 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.”
The 10th House, he noted is committed to supporting youth development, stressing that “By working closely with the executive branch, we aim to launch public work programs targeting young people, particularly in infrastructure development and agriculture.
“I urge the African Development Bank to continue its collaboration with the Committee on Cooperation and Integration in Africa,” he added.
