The spokesperson of the House of Representatives, Benjamin Okezie Kalu has said the lower chamber of the National Assembly is set to legalize the use of Indian Hemp in Nigeria.
Kalu made this known during a press conference on the benefits and opportunities of Cannabis, in Akure, Ondo State.
He said the decision would be made in the interest of the country’s economic growth.
He explained that countries such as South Africa and others are currently benefiting a high revenue from cannabis which they export to other countries.
“It is worrisome that Nigeria has not made use of the financial advantage that her oil reserves can provide to generate collective investment and revenue sources.
“The coronavirus pandemic exposed our weaknesses when global oil prices fell below $0 a barrel on 20 April 2020.
“Agriculture has always been a major strength of Nigeria and cannabis provides interesting prospects.
“The crop, once harvested, has a high yield of edible proteins and fibres with more than 50,000 product applications.
“Also, verifiable market research showed that the Global Industrial Hemp Market is projected to reach USD 36 Billion by 2026.
“Nigerians must understand that we are not alone in this race to establish a lucrative medical and industrial hemp economy,”