Spokesman for the house of representatives Mr. Benjamin Kalu yesterday called for the legalisation of marijuana also known as Indian hemp in Nigeria.
Addressing journalists in Akure, Ondo State, Kalu who represents Bende Federal Constituency of Abia State noted that many countries of the world have legalised the product for industrial purposes.
Kalu said there is the need for Nigeria to look inwards, to identify, optimise and exploit the areas of its strength in the light of challenges facing the oil sector.
He said Indian hemp has over 50, 000 product applications ranging from paper making, textiles, biodegradable plastics, fuel, construction, healthy food, beverages and personal care products to pharmaceuticals.
He also stated that available market information has shown that cannabis cultivation is a multi-billion dollar business.
“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 compound annual growth rate (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 $7.1bn.
“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 $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.”
With Punch report
