Nigeria debates legalizing cannabis for medical and economic purposes

Former senator and leader of the Nigerian Labor Party, Athan Nneji Achonu, revealed that the’National Assembly of the country was working on a bill to regulate the cultivation and processing of cannabis.

Speaking in Abuja, Mr. Achonu explained that such a framework would create opportunities in the fields of health, industry and agriculture, while addressing fears of abuse through strict regulation. He also made it clear that the initiative was not intended to promote recreational use, but to exploit what he called « green gold »for national development.

According to him, the bill aims to put in place a system that would support the medical research, The company would develop treatments for diseases such as epilepsy, chronic pain and cancer, while generating revenue through taxation and exports.

An untapped opportunity worth a trillion naira

Mr. Achonu criticized Nigeria for what he described as «sleeping on an opportunity worth several trillion naira» (1 trillion = 500 million euros), taking as examples the United States, Canada, Germany, Israel, the United Kingdom and the United States. Lesotho and the Zimbabwe who already benefit from regulated cannabis markets.

«The global legal cannabis market is expected to exceed $100 billion before the end of this decade,» he said, warning that Nigeria risked falling behind despite having the climate, fertile soil and workforce to compete on a global scale.

By adopting the cannabis cultivation in a clear legal framework, Mr. Achonu argued that Nigeria could promote economic diversification, create jobs, attract foreign investment and strengthen its position in international trade.

The former senator asserted that Nigerian farmers and entrepreneurs are ready to enter this sector as soon as the legal framework allows. What is lacking, he said, is «the political impetus to create the appropriate legal framework».

In addition to the economic benefits, Achonu emphasized the potential of a regulated cannabis industry to support local research, develop new drugs and reduce dependence on costly imports.