A member of House of Representatives, Benjamin Kalu, has advised Nigeria to legalise the growing of cannabis sativa, also known as Indian hemp, for its economic benefits.
The spokesman of the House made the call in an interview with newsmen in Akure, the Ondo State capital, on Monday.
Kalu said many countries of the world have legalised cannabis for industrial purpose, adding that Nigeria should emulate this.
He said a major challenge to Nigeria’s entry into the cannabis business is the farming, production and use of cannabis for medical and industrial purpose is that it has not been legalised.
He said there was a need for the country to look inwards, identify, optimise and exploit the areas of its strength in the light of challenges facing the oil sector.
Kalu said: “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 paper making, 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 $5 billion in 2019 and is projected to reach $36 billion by 2026, growing at a CAGR of 34 per cent from 2019 to 2026.
“According to a consultancy firm, Prohibition Partners, by 2023, the value of Africa’s legal cannabis market could be worth over $7.1 billion.
“Currently, Malawi, Zambia, Zimbabwe, Lesotho and South Africa have legalised the growing of industrial hemp in Africa.
“And, according to Prohibition Partners’ research, by 2023, just two years from now, the South African domestic market for cannabis and related products will be worth around $1.9 billion.
“Fortunately, Nigeria has various advantages, including affordable land, low-cost labour and an experienced agricultural workforce.
“Nigeria is also positioned to benefit from a first-mover advantage in Africa.”
Follow The Eagle Online Channel on WhatsApp
