Beyond Oil: Exploring Alternative Revenue Potentials for Economic Growth and Sustainable Development in Nigeria

By Abbas Tajudeen   “Beyond Oil: Exploring Alternative Revenue Potentials for Economic Growth and Sustainable Development in Nigeria,” speaks to one of the most pressing challenges confronting our nation. As we reflect on the past decades of Nigeria’s economic trajectory, it becomes evident that our over-reliance on oil revenue has left us vulnerable to global […]

By Abbas Tajudeen

 

“Beyond Oil: Exploring Alternative Revenue Potentials for Economic Growth and Sustainable Development in Nigeria,” speaks to one of the most pressing challenges confronting our nation. As we reflect on the past decades of Nigeria’s economic trajectory, it becomes evident that our over-reliance on oil revenue has left us vulnerable to global market fluctuations, environmental degradation, and economic instability.

The urgency of this discussion cannot be overstated. With dwindling oil revenues, global shifts toward renewable energy, and the increasing need for job creation, it is imperative that we chart a new course for economic transformation. This requires deliberate efforts to unlock the potential of other sectors, such as agriculture, solid minerals, technology, and the creative industries. Achieving this transformation will secure Nigeria’s economic future and address poverty, inequality, and unemployment—critical barriers to sustainable development.

 

Historical background of Nigeria’s oil economy

The discovery of oil in Nigeria remains a historical watershed in its development process and has undeniably impacted hugely on the country’s socio-economic and political landscape. The impact of oil grew exponentially over the years to become a priceless commodity – the goose that lays the golden egg. Thus, oil assumed the role of being the biggest contributor to the country’s fiscal revenues.

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According to the National Bureau of Statistics (NBS), the oil sector accounted for 4.70% of the total real GDP in the 4th quarter of 2023 and 80% of government fiscal revenue. This dominance of oil has been consistent since it was discovered in Oloibiri in present-day Bayelsa State in 1956.

However, the performance of the oil sector as the primary source of revenue has been declining over time and has sparked growing concerns about the implications for Nigeria’s economic development. This decline in oil revenue is manifested in the spiralling budget deficit, massive domestic and foreign borrowings to finance the budget deficits and the widening gap in infrastructural development. For instance, Nigeria’s budget deficit grew from N6.26 trillion in 2020 to N11.34 trillion in 2023, while the debt stock stood at N87.38 trillion in the second quarter of 2023.

The current infrastructure stock is estimated at only 30% of GDP, which makes it much lower than the recommended international benchmark of 70%. The World Bank projects that Nigeria will need to invest $3 trillion between now and 2050 to address its huge infrastructure deficit.

Emergence of oil dependency

The discovery of oil in Oloibiri, Bayelsa State, in 1956 marked a fundamental shift in Nigeria’s economic focus (OPEC, 2023). Prior to this, agriculture was the backbone of the economy, contributing significantly to employment and export revenues. However, the oil boom of the 1970s led to a rapid transition towards an oil-centric economy.

The newfound oil wealth resulted in the neglect of the agricultural sector and other non-oil industries, fostering an economic structure heavily reliant on petroleum exports. By the 1980s, oil accounted for approximately 90% of export earnings and 70% of government revenue, underscoring the nation’s deepening dependence on this single resource (World Bank, 2004).

Challenges of oil dependency

Nigeria’s heavy reliance on oil has presented several economic, environmental, and strategic challenges. Economically, the country faces significant volatility due to fluctuations in global oil prices. The price of oil is highly volatile due to global events and market dynamics. For example, during the COVID-19 pandemic in 2020, oil prices fell drastically, oscillating between $11.26 and $63.27 and averaging $39.68.

In 2023, prices ranged between $93.84 and $66.74, averaging $77.64, while in 2024, prices averaged $76.23, with a high of $87.01 and a low of $66.37. This volatility has resulted in shortfalls in fiscal revenues, forcing Nigeria into borrowing to finance deficits, thereby increasing its debt burden. As of the fourth quarter of 2023, Nigeria’s debt profile had risen to N121.4 trillion (NBS, 2023).

In addition to economic volatility, oil dependency has contributed to severe environmental degradation. The Niger Delta region, where most of Nigeria’s oil production occurs, has experienced widespread environmental damage caused by oil spills and gas flaring. These activities have polluted water sources, destroyed farmlands, and displaced communities that rely on agriculture and fishing for their livelihoods.

Environmental damage has also exacerbated socio-economic inequalities, leading to conflicts between local communities and oil companies (EIA, 2023). Corruption and mismanagement within the oil sector have further worsened the situation, with billions of dollars lost annually to oil theft and unremitted revenues (NEITI, 2024).

Furthermore, Nigeria faces the strategic challenge of adapting to the global transition towards renewable energy sources. As the world moves to reduce carbon emissions and adopt cleaner energy technologies, the demand for fossil fuels is expected to decline. This transition poses a long-term risk to Nigeria’s oil revenues and economic stability (World Bank, 2020).

Without a robust strategy for economic diversification, Nigeria may struggle to remain competitive in a changing global energy market. Addressing these challenges requires coordinated efforts to enhance economic resilience, protect the environment, and position Nigeria for sustainable growth in a low-carbon future.

The imperative for economic diversification

The global energy landscape is undergoing a profound transformation, driven by the urgency to mitigate climate change and reduce greenhouse gas emissions. Countries worldwide are transitioning towards renewable and sustainable energy sources, setting ambitious targets to phase out fossil fuels and embrace cleaner alternatives.

In alignment with global commitments, Nigeria ratified the Paris Agreement in 2017, pledging a 20% unconditional reduction in greenhouse gas emissions by 2030, with a potential 45% reduction conditional on international support (The Cable, 2024). To achieve these targets, Nigeria’s Energy Transition Plan outlines strategies for decarbonising the energy sector and attaining net-zero emissions by 2060.

Key focus areas include integrating renewable energy sources, improving energy efficiency, and adopting cleaner technologies—reflecting Nigeria’s commitment to sustainable economic growth while addressing climate change.

With a population exceeding 200 million and projected to become the third largest globally by 2050 (African Sahara, 2024), Nigeria faces significant challenges related to resources, infrastructure, and employment. Youth unemployment rates stand at 30%, creating approximately three million jobs annually (ASERS Publishing, 2024). Economic diversification and skills development are crucial to harnessing Nigeria’s youthful workforce and ensuring long-term economic growth and stability.

Recognising these challenges, Nigeria has pursued economic diversification for over 30 years to reduce its dependence on oil revenues. Policies and programmes such as the Structural Adjustment Programme (SAP), National Economic Empowerment Development Strategy (NEEDS), Vision 20:2020, National Industrial Revolution Plan (NIRP), Economic Recovery and Growth Plan (ERGP), and Medium-Term National Development Plan (MTNDP) have sought to promote growth in non-oil sectors (Nigeria Energy Outlook, 2024).

Nigeria’s oil revenue contribution to GDP is 8.78% compared to other OPEC countries, significantly lower than Libya’s 56.38% and Angola’s 28.27% (Nigeria Economic Data, 2024). This highlights the need to strengthen non-oil sectors and improve infrastructure to support diversification. Nigeria’s non-oil growth rate of 1.7%, lagging behind the UAE’s 4.7% and Angola’s 2.9%, underscores the urgency for more targeted interventions (Nigeria Economic Data, 2024).

President Bola Ahmed Tinubu’s administration has prioritised economic diversification through bold reforms, including removing fuel subsidies and implementing the Presidential Initiative on Compressed Natural Gas (CNG). The administration’s tax reform programme aims to improve Nigeria’s tax-to-GDP ratio, currently at 10.9%, by streamlining administration and broadening the tax base (Nigeria Economic Data, 2024). Investments in infrastructure and human capital development, including a proposed N16 trillion allocation to infrastructure and N6 trillion for education, further demonstrate the government’s commitment to sustainable growth (Federal Budget, 2025).

Embracing economic diversification is critical for Nigeria to navigate global energy transitions, meet climate commitments, address demographic pressures, and achieve economic stability. Strategic investments in agriculture, manufacturing, solid minerals, tourism, and renewable energy will reduce dependence on oil, create jobs, and foster sustainable development.

Potential sectors for diversification in Nigeria

Agricultural Potentials

Nigeria possesses vast arable land, favourable climatic conditions, and a youthful labour force, positioning agriculture as a key sector for economic diversification (World Bank, 2021). With over 70% of the population engaged in farming, the sector provides food security and employment opportunities (National Bureau of Statistics, 2020). Nigeria’s agricultural potential spans staple crops such as rice, maize, cassava, and yam and cash crops like cocoa, palm oil, and rubber (FAO, 2022). Livestock farming and fisheries further complement the sector, offering prospects for growth and value addition.

Modern agricultural practices and agro-industrialisation

Modernising agriculture through mechanisation, irrigation systems, and biotechnology holds significant promise for boosting productivity (Adesina, 2015). Embracing agro-industrialisation—integrating farming with processing industries—will create employment and enhance Nigeria’s export competitiveness.

Nigeria has abundant mineral resources, including gold, limestone, bitumen, lead, zinc, and iron ore (Ministry of Mines and Steel Development, 2021). Over 450 mineral occurrences have been documented across the country, with more than 30 minerals occurring in commercial quantities. Notably, Nigeria has the 12th largest iron ore reserves globally, with an estimated three billion tonnes, along with 42 billion tonnes of bitumen and 568 million tonnes of limestone (NEITI, 2019).

Despite this vast wealth, the mining sector remains largely underdeveloped, contributing only 0.55% to GDP as of 2017 (DPRS & MMSD, 2017). This marks a significant decline from its 4–5% contribution to GDP in the 1960s and 70s, highlighting its neglected potential. By comparison, mining contributes 40%, 25%, and 18% to GDP in Botswana, the Democratic Republic of Congo, and South Africa, respectively (DPRS & MMSD, 2017).

Developing Nigeria’s mining sector can unlock significant revenue streams, diversify the economy, and create job opportunities (Ezekwesili, 2019). Strategic investments in infrastructure, geoscience data acquisition, and local processing facilities will be critical. Establishing value chains around mining, including processing and refining minerals locally, will create industries, reduce reliance on crude oil, and promote export earnings.

Similarly, Nigeria can leverage its mineral wealth through sustainable development policies and strategic partnerships to stimulate growth and economic transformation.

However, several challenges hinder the sector’s growth. These include limited access to land, the proliferation of illegal miners, inadequate geoscience data, smuggling of minerals, outdated regulations, and lack of certified laboratories for mineral analysis (NILDS, 2016). Addressing these bottlenecks will require comprehensive policy reforms, institutional strengthening, and enhanced funding for mineral development.

Manufacturing and industrialisation

Nigeria’s manufacturing sector experienced remarkable growth in the 1970s and 1980s, with industries producing textiles, cement, and steel (Ajakaiye, 2016). During this period, the sector contributed over 10% to GDP (National Bureau of Statistics, 2020). However, structural challenges have hindered sustained progress, including infrastructure deficits and policy inconsistencies (Ogbu, 2012).

Recent reports indicate that manufacturing contributes about 8.93% to GDP as of 2022 (NBS, 2022). Revitalising this sector involves upgrading infrastructure, improving access to credit, and fostering public-private partnerships. Encouraging local production will reduce import dependency, create jobs, and improve foreign exchange earnings (AfDB, 2020). Countries such as China and India have demonstrated the transformative impact of industrialisation through targeted policies and investments (Lin, 2012).

ICT and digital economy

The information and communication technology (ICT) sector has emerged as one of Nigeria’s fastest-growing industries, contributing about 18.44% to GDP in 2022 (NBS, 2022). Nigeria ranks among the top African countries in ICT growth, alongside South Africa, Kenya, and Egypt, which have established vibrant digital economies (PWC, 2021). For example, Kenya’s mobile payment system, M-Pesa, has revolutionised financial transactions, while Egypt has become a hub for IT outsourcing (World Bank, 2022). Nigeria’s fintech market is projected to reach $543 million by 2027, underscoring the sector’s capacity to create wealth and employment (Statista, 2023). Further projections suggest that if digital technologies are properly harnessed, ICT could contribute up to 25% of Nigeria’s GDP by 2030 (McKinsey, 2022). Investments in broadband infrastructure, digital literacy, and innovation hubs will be vital in sustaining this growth.

Technology and innovation in economic transformation

The adoption of emerging technologies such as blockchain, artificial intelligence, and big data analytics can revolutionise industries in Nigeria (McKinsey, 2022). Innovations in agriculture, healthcare, and manufacturing offer solutions to longstanding challenges while improving efficiency and competitiveness.

For example, mobile banking platforms have expanded financial inclusion and digital payment systems like Flutterwave and Paystack have gained global recognition (Forbes, 2021). Harnessing technology will position Nigeria as a hub for innovation and attract foreign investment.

Creative industries and tourism

Nigeria’s creative industries—Nollywood, music, and fashion—are globally recognised and serve as vital avenues for economic growth (UNESCO, 2020). Nollywood, the world’s second-largest film industry, generates over $7 billion annually and employs thousands (Okonkwo, 2018). The Nigerian music industry, with internationally acclaimed artists like Burna Boy and Wizkid, continues to break records and attract foreign earnings (Billboard, 2022).

Additionally, cultural tourism and hospitality, supported by Nigeria’s rich heritage, historical sites, and festivals, offer immense opportunities for growth. Developing infrastructure, marketing strategies, and training will enhance Nigeria’s competitiveness in this sector and contribute to GDP diversification (WTTC, 2021).

Strategies for effective diversification in nigeria

Policy Framework

A robust and consistent policy framework is critical to fostering economic diversification in Nigeria. Effective policies should provide clear guidelines and incentives that attract investments across various sectors, ensuring stability and predictability for businesses. According to the World Bank (2021), Nigeria’s business environment has improved with reforms targeting regulatory processes and transparency, yet further measures are required to address corruption and inefficiencies.

Infrastructure development

39. Nigeria’s infrastructure deficit remains a major barrier to economic diversification. The African Development Bank (AfDB) estimates that Nigeria requires an annual investment of approximately $15 billion to bridge its infrastructure gap, yet current spending is only about $5 billion annually (AfDB, 2020). Poor roads, unreliable power supply, and limited digital connectivity continue to hamper economic activities and industrial expansion.

To support diversification, investments in transport infrastructure, including rail networks, highways, and ports, are imperative to improve logistics and market access. Similarly, scaling up power generation and distribution will ensure a reliable energy supply for industries, while expanding digital infrastructure will enhance e-commerce, financial services, and innovation. Modernising infrastructure will not only attract foreign investment but also create opportunities for domestic industries to thrive.

Human capital development

Education

Human capital development is essential for economic diversification, and education is crucial in building a skilled and adaptable workforce. According to UNESCO (2022), Nigeria’s literacy rate stands at 62%, underscoring the need for greater investment in education.

Reforms should align curricula with current and future labour market demands, including promoting STEM (Science, Technology, Engineering, and Mathematics) education and enhancing teacher training programmes. Countries like South Korea successfully transitioned to a knowledge-based economy by prioritising education and technical training (Kim, 1997).

Skill acquisition

In addition to formal education, skill acquisition programmes are vital to equipping Nigerians with the practical knowledge required to thrive in a diversified economy. Government initiatives should focus on training in high-demand areas such as ICT, agriculture, manufacturing, and renewable energy. Empowering youth and women through entrepreneurial training and access to microfinance will further stimulate innovation and job creation.

Research and Development (R&D)

Research and development are crucial for driving innovation and competitiveness in emerging sectors. Nigeria must invest in R&D to support industries such as biotechnology, green energy, and artificial intelligence.

Public-Private Partnerships (PPPs)

Collaboration between the public and private sectors is indispensable for funding and executing critical projects that support diversification. PPPs provide avenue for leveraging private sector expertise, financing, and efficiency to deliver large-scale infrastructure and industrial projects. The Nigerian government should strengthen legal and regulatory frameworks to attract private investments and ensure transparency in PPP arrangements. For example, Morocco’s Noor Ouarzazate Solar Complex, developed through PPPs, has become one of the largest solar power plants in the world, supplying clean energy to millions (World Bank, 2020).

The role of Parliament in economic diversification

Legislative Oversight

Parliamentary oversight is a fundamental mechanism for ensuring accountability in economic diversification projects. Through committee inquiries, public hearings, and investigative reports, legislatures scrutinise the activities of government ministries, agencies, and project implementors to promote transparency and efficiency (World Bank, 2020).

Since the restoration of democracy in Nigeria in 1999, the Legislature has played a leading role in consolidating democracy through targeted legislative actions. The National Assembly has discharged its constitutional duties leveraging powers granted under Sections 4 (2) and (7) of the 1999 Constitution to make laws for peace, order, and good governance. The legislature also exercises financial oversight through Sections 80-83 and 120-123, empowering it to conduct investigations and ensure accountability in public expenditure.

The 10th House of Representatives, tagged the “People’s House,” has demonstrated a strong commitment to addressing economic challenges through its Legislative Agenda.

Policy formulation and legislation

Parliament plays a critical role in crafting and enacting laws that create an enabling environment for diversification. Policies that promote non-oil exports, support small and medium-sized enterprises (SMEs), and provide tax incentives for emerging industries are vital to economic transformation (Rodrik, 2016). For instance, Nigeria’s Export Expansion Grant (EEG) scheme was established through legislative action to encourage non-oil exports by offering rebates to exporters (CBN, 2021). Such legislative frameworks are instrumental in addressing market failures and stimulating private-sector participation in diversification efforts.

A critical area for legislative reform pertains to Nigeria’s legal and regulatory frameworks for the solid minerals sector, which provide a foundation for exploration and exploitation but face significant challenges. The Nigerian Minerals and Mining Act, 2007, establishes a comprehensive legal framework and promotes investment through fiscal incentives while emphasising environmental protection and community development.

However, enforcement mechanisms are inadequate, and the Act lacks provisions for value addition and beneficiation prior to export. Weak penalties for non-compliance and limited implementation of community agreements further hinder the sector’s growth. Recommendations include strengthening enforcement, mandating value addition, increasing penalties for illegal activities, and enforcing compliance with community development agreements.

The Nigerian Mining Corporation Act, 1972, established the Nigerian Mining Corporation (NMC) to engage in prospecting and mining but has become moribund due to underfunding and overlaps with private sector activities. Revitalising the NMC through Public-Private Partnerships (PPP) or aligning it with modern practices could enhance efficiency and competitiveness.

Amendments should focus on strategic minerals and infrastructure development. The Council of Nigerian Mining Engineers and Geoscientists Act, 1990, establishes a professional regulatory body for mining engineers and geoscientists, ensuring standards and ethics. However, weak enforcement mechanisms and limited capacity development hinder effectiveness. Recommendations include enhancing enforcement, mandating capacity-building programs, and introducing penalties for misconduct.

The National Environmental Regulations for Mining and Processing of Coal, Ores, and Industrial Minerals, 2009, minimise pollution and provide guidelines for waste management and water pollution control. However, weak enforcement, overlapping regulations, and jurisdictional disputes limit their impact. Recommendations include independent monitoring bodies, stricter penalties, and resolving overlaps through amendments.

Similarly, the National Environmental Regulations for Base Metals, Iron, and Steel Manufacturing, 2011, aim to prevent pollution but lack enforcement capacity and incentives for cleaner technologies. Suggested improvements include tax incentives for green technologies, partnerships with NGOs, and better-equipped regulatory agencies.

The National Environmental Regulations for Quarrying and Blasting Operations, 2013, control the environmental and health impacts of quarrying activities but suffer from poor enforcement, weak penalties, and inadequate focus on rehabilitating mined-out areas. Mandatory mine closure and rehabilitation plans, higher penalties, and public awareness programs are recommended to address these issues.

Harmonising overlapping regulations, establishing a centralised geoscience database, strengthening inter-agency collaboration, and promoting value addition and beneficiation could further improve the regulatory landscape. Capacity-building initiatives, certified laboratories, and revisions to outdated laws, such as the Explosives Act of 1964, are essential.

Fiscal incentives for investors, measures to combat illegal mining, and enhanced community engagement should also be prioritised. Nigeria’s solid mineral sector has immense potential to contribute significantly to the economy if these frameworks are strengthened. Implementing these recommendations will create an enabling environment for investment, promote sustainable development, and increase the sector’s contribution to GDP.

Appropriation and budgeting

Resource allocation is another key responsibility of parliament, ensuring that funding aligns with national priorities. Budgetary processes enable lawmakers to earmark funds for critical sectors such as agriculture, technology, and manufacturing (OECD, 2022).

The Nigerian National Assembly, for instance, increased budgetary allocations to the agricultural sector by 20% between 2020 and 2022 to enhance food security and rural development (NBS, 2023). This strategic budgeting supports the growth of non-oil sectors and mitigates dependence on volatile oil revenues.

Monitoring implementation

Effective implementation of diversification strategies requires continuous legislative monitoring. Parliamentarians track progress through quarterly reviews, site inspections, and performance audits (IPU, 2021). Legislative tools, such as the Public Accounts Committee, ensure that funds allocated for diversification projects are properly utilised and deliver measurable outcomes (Transparency International, 2020).

Countries like Malaysia and Brazil have demonstrated the effectiveness of legislative monitoring in achieving economic reforms (UNCTAD, 2018).

In the last 18 months, House committees have conducted oversight visits to 107 ministries, departments, and agencies (MDAs) and evaluated projects nationwide. These oversight activities ensure accountability, address bottlenecks, and promote transparency in project implementation.

Advocacy and legislative representation

In addition to its formal legislative functions, parliament serves as a platform for advocacy and representation. Legislators amplify the voices of stakeholders, including local businesses, workers, and civil society groups, in shaping policies (Anderson, 2019). Public petitions and stakeholder consultations help align legislative actions with grassroots priorities, fostering inclusive economic growth. For example, Ghana’s parliamentary forums have been instrumental in building consensus on agricultural reforms, leading to increased productivity (AfDB, 2020).

The House has passed 98 motions to address economic challenges, focusing on restructuring key sectors, supporting agriculture, and restoring investor confidence.

Challenges to diversification

Institutional Weaknesses

Nigeria’s institutional landscape is characterised by corruption, bureaucratic inefficiencies, and policy inconsistencies, all of which hinder economic diversification. Corruption creates barriers to entry for new businesses, stifling innovation and economic development. Weak property rights and inadequate contract enforcement further discourage both domestic and foreign investment. Additionally, bureaucratic inefficiencies and the pervasive influence of vested interests hinder effective policy implementation, complicating efforts to diversify the economy (Agusto & Co., 2021).

Infrastructural deficits

Nigeria’s inadequate infrastructure significantly hampers economic diversification. The country’s infrastructure stock is estimated at only 35% of its Gross Domestic Product (GDP), compared to the 70% average for emerging economies. To bridge this gap, Nigeria requires an investment of up to $3 trillion over the next 30 years, equating to approximately $100 billion annually (Agusto & Co., 2021).

Global economic pressures

External factors such as global recessions, fluctuating commodity prices, and geopolitical tensions pose additional challenges to Nigeria’s economic diversification efforts. The global transition to renewable energy and the resulting decline in fossil fuel demand threaten Nigeria’s oil-dependent economy. Additionally, global economic downturns and geopolitical tensions can disrupt trade relations and foreign investment inflows, further complicating diversification strategies (Dataphyte, 2023).

Mitigating challenges to diversification in Nigeria

Governance Reforms

Effective governance reforms are fundamental to overcoming challenges to economic diversification in Nigeria. Key measures include implementing robust anti-corruption strategies, enhancing transparency, and strengthening institutional frameworks.

Addressing corruption can improve investor confidence and facilitate economic growth, as demonstrated by Singapore’s transformation through the establishment of the Corrupt Practices Investigation Bureau (CPIB) (Quah, 2017).

Stakeholder engagement

Engaging stakeholders across government, academia, civil society, and the private sector is essential for sustainable diversification. Collaborative partnerships ensure policy coherence, knowledge sharing, and resource mobilisation.

Long-term planning

59. A stable economic plan that transcends election cycles is crucial for sustained diversification efforts, particularly when grounded in theoretical frameworks that emphasise discipline, consistency, and accountability. Long-term strategies not only reduce policy inconsistencies but also provide clear, measurable indicators for development.

Nigeria’s economic transformation demands collective responsibility. The government must lead with visionary policies, transparent governance, and strategic investments in infrastructure and education. Parliament should continue to enact enabling legislation and ensure rigorous oversight of policies and programmes aimed at diversification.

Academia has a vital role in conducting research, generating data-driven insights, and developing skills essential for the new economy. Universities should strengthen collaborations with industries to drive innovation and entrepreneurship. The private sector must embrace investments in emerging industries, support small and medium enterprises, and leverage technology to boost productivity. As the backbone of Nigeria’s workforce, youths, including all of you in this hall, must seize opportunities in entrepreneurship, agriculture, digital technology, and creative industries to redefine Nigeria’s economic narrative.

 

 Tajudeen PhD, GCON, is the Speaker, House of Representatives. Abridged text of the Lecture Delivered at the 14th Convocation of Al-Hikmah University, Ilorin, on December 30, 2024