Enlightenment on the need for Nigeria to join other countries in Africa to legalise Indian Hemp, popularly called “Marijuana” continues, even as the House of Representatives concluded arrangements to organise a two – day stakeholders roundtable on the benefits of the plant.
The date for the stakeholders forum, which will attract participants among scientists, medical and pharmaceutical professionals, farmers, insurance companies, executives, and private sector investors has been fixed for June 7 and 8.
Briefing journalists in Akure, Ondo state capital, a member of the House of Representatives, Hon. Benjamin Okezie Kalu, said time has come for Nigeria to look inward and take positive advantage of agriculture.
Kalu, who is the spokesman of the lower chamber, stated that countries such as South Africa and others are currently reaping high revenue from cannabis which they export to other countries and thus boosting their economy.
He said: “Nigeria has been described as oil-dependent and not oil-rich. It is a worrying reality that we have not optimised the financial stability advantage that our oil reserves can provide for us to diversify our collective investment and revenue sources.
“The coronavirus pandemic exposed our weaknesses when global oil prices plummeted by as much as 15 percent and even falling below $0 a barrel on 20th April, 2020.
He added that: “Indeed, our economy is still recovering from that shock . However, as the world increasingly shifts towards renewable energy and climate-friendly energy sources, global oil demands will further drop.
“Agriculture has always been a major strength of Nigeria and cannabis provides interesting prospects. Industrial hemp is a variety of the cannabis sativa plant species that is grown specifically for industrial use.
“Once harvested, the crop has a high yield of edible proteins and fibres with more than 50,000 product applications ranging from papermaking, textiles, biodegradable plastics, fuel, construction, healthy food, beverages, personal care products, and pharmaceuticals.
“According to verified market research, the Global Industrial Hemp Market was valued at USD5 billion in 2019 and is projected to reach USD 36 billion by 2026, growing at a CAGR of 34 percent from 2019 to 2026.”
