A constitutional lawyer and strong advocate of economic restructuring, Prof. Maxwell Gidado, has warned that Nigeria faces a bleak economic future if it continues to rely heavily on crude oil as its primary revenue source.

Speaking with journalists, Gidado stressed that the changing global energy landscape makes aggressive diversification into non-oil sectors an urgent necessity.

He noted that a “Nigeria without oil,” once considered unimaginable, is fast becoming a reality.

According to him, international forecasts already point to the decline of fossil fuel as the backbone of national economies. “The United Kingdom and France, for instance, plan to ban diesel and petrol cars by 2040.

“Many analysts also predict that global oil demand will drop sharply after 2025, when battery-powered vehicles become mainstream,” he said.

Quoting the International Energy Agency (IEA), Gidado added that China—the world’s largest car market—is considering similar policies, with India, Norway, and at least 10 other countries already exploring restrictions that could further weaken oil’s future demand.

“These developments,” he said, “paint a frightening picture for nations whose economies are predominantly sustained by oil revenues. Unless Nigeria diversifies and invests aggressively in non-oil ventures, it risks being left behind.”

Despite these concerns, Gidado expressed optimism that Nigeria has the capacity to thrive if it leverages its vast agricultural potential.

He highlighted the nation’s abundance of tomatoes, carrots, cabbages, cucumbers, tubers, grains, livestock, and dairy products, which already feed millions locally but remain under-exploited for export.

“With the right agricultural policies, diversification, and restructuring, Nigeria can transform its economy and even emerge among the richest countries in the world,” he concluded.

NAN