Cannabis legalization could create jobs, attract foreign investment, boost tax revenue, and advance medical research in Nigeria, says former senator.
Former senator and 2023 Imo governorship candidate of the Labour Party, Athan Nneji Achonu, has disclosed that Nigeria’s National Assembly is preparing a bill to legalize cannabis, aiming to harness its medicinal and economic potential. Speaking in Abuja on Monday, Achonu urged the federal government to back the initiative, cautioning that Nigeria risks losing a “multi-trillion-naira opportunity” as other countries capitalize on the booming global cannabis industry.
Describing cannabis as “green gold,” Achonu noted that a previous bill he sponsored in the Senate failed due to societal stigma surrounding the plant. He stressed that the forthcoming legislation would include stringent regulations to prevent abuse and ensure responsible use.
“The legalization of cannabis offers Nigeria a chance to diversify its economy, create jobs, attract foreign investment, and advance medical research,” Achonu said. He added that the global legal cannabis market is projected to surpass $100 billion before 2030. “With Nigeria’s favorable climate, fertile soil, and skilled workforce, we are well-positioned to become a leader in this sector, but outdated laws continue to hold us back.”
Achonu further highlighted that a regulated cannabis industry could generate substantial tax revenue, boost exports, and provide treatments for chronic illnesses such as epilepsy and cancer.
Beyond cannabis advocacy, Achonu criticized the management of fuel subsidy savings distributed to states and local governments. He accused governors of failing to deliver meaningful improvements in human development and called for stronger accountability at the grassroots level. “Citizens must actively monitor these funds and hold local government chairmen accountable, even through legal action if necessary,” he said, referencing the Supreme Court ruling that granted greater autonomy to local governments.
Achonu’s statements underscore a renewed push for economic diversification and local governance reform as Nigeria navigates its post-subsidy era, emphasizing the need for innovation, regulation, and transparency in key sectors.
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