The National Assembly is considering a bill to legalize cannabis for medicinal and economic purposes, a move expected to diversify Nigeria’s economy and unlock new opportunities in healthcare and investment.
Former senator and Labour Party governorship candidate in the 2023 Imo State election, Athan Nneji Achonu, disclosed the development in Abuja on Monday. He urged the federal government to support the legislation, warning that Nigeria risks losing out on a “multi-trillion-naira opportunity” as other nations advance in the global cannabis market.
Describing cannabis as “green gold,” Achonu noted that an earlier bill he sponsored in the Senate failed due to stigma. He stressed that the new proposal will include strict regulatory measures to guard against abuse. According to him, cannabis legalization could create jobs, attract foreign investment, boost tax revenue, and enhance medical research into conditions such as epilepsy and cancer.
“The global legal cannabis market is projected to exceed $100 billion before the decade ends,” Achonu said. “Nigeria has the climate, soil, and workforce to compete, but outdated prohibitions keep us from benefiting while others prosper.”
Beyond cannabis, Achonu criticized the handling of fuel subsidy savings shared with states and local governments, saying there is little evidence the funds have improved human development. He urged citizens to hold leaders accountable by monitoring local government spending and, if necessary, pursuing legal action in line with the Supreme Court’s ruling on local government autonomy.
His remarks highlight rising calls for economic diversification and transparency as Nigeria seeks sustainable growth in its post-subsidy era.
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