House Of Reps To Legalise Indian Hemp For Economical Benefits

A few weeks after the world celebrated World Indian Hemp Day (420 – 20th April), the Nigerian House of Representatives has said it is set to legalise the use of the substance in the country for economic benefits.
This was reportedly made known by the Spokesperson of the House, Hon. Benjamin Okezie Kalu said this during a press conference on the benefits and opportunities of Cannabis in Akure, Ondo State.According to Vanguard, Kalu said that the House of Representatives has concluded an arrangement to organize a two-day stakeholders roundtable on the benefits of the Indian hemp.
He reportedly stated further that the date for the stakeholder’s forum, which will attract participants among scientists, medical and pharmaceutical professionals, farmers, insurance companies, executives, and private sector investors has been slated for Monday 7th and Tuesday 8th of June 2021.
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Explaining that countries such as South Africa and others are currently reaping high revenue from cannabis which they export to other countries, Kalu reportedly added that the nation has been said to be oil-dependent but not oil-rich and hence, needs to diversify. “Nigeria has been described as oil-dependent and not oil-rich. It is a worrying reality that we have not optimized the financial stability advantage that our oil reserves can provide us to diversify our collective investment and revenue sources. The coronavirus pandemic exposed our weaknesses when global oil prices plummeted by as much as 15 per cent even falling below $0 a barrel on 20 April 2020.”“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 papermaking, textiles, biodegradable plastics, fuel, construction, healthy food, beverages, personal care products, and pharmaceuticals”.
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Giving statistical figures, Kalu reportedly added, “According to verified market research, the Global Industrial Hemp Market was valued at USD 5 Billion in 2019 and is projected to reach USD 36 Billion by 2026, growing at a CAGR of 34 per cent from 2019 to 2026. According to the consultancy firm Prohibition Partners, by 2023, the value of Africa’s legal cannabis market could be worth over USD 7.1 billion. For this to happen, a candid discourse must be held by all stakeholders on the modalities for legalization, licensing, and regulation of the industry”.TRENDING VIDEO OF THE DAY: Baba Ijesha’s Confession Video/Father Mbaka Suspension & More
Photoss Credit: Getty