By Deborah Hassan
365Daily – Spokesman of the House of Representatives, Hon. Benjamin Kalu, has explained his support for the legalisation of cannabis in Nigeria, saying, among others, it will generate revenue for the country at a time that it is faced with dwindling resources.
Speaking in a parley with journalists in Akure, Ondo State on Monday, May 18, 2021, he argued that Nigeria ought to join the league of nations benefitting from the industrial use of the plant because of its abundance in the country.
Kalu, who is a spokesman of the House of Representatives, stated this in Akure, the Ondo State capital, on Monday in a chat with journalists.
The Abia Lawmaker lamented that Nigeria’s stance on the plant has blocked its entry into the cannabis business in the areas of farming, production, and use of cannabis for medical and industrial purposes.
Kalu stated: “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 USD 5bn in 2019 and is projected to reach USD 36bn 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 USD 7.1bn.
“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 USD 1.9bn.
“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.”