By Obiabin Onukwugha
Abia State Governor, Dr Alex Otti, has urged Nigeria to explore alternative sources of revenue away from oil. He specifically urges reforms in Nigeria’s tax, agriculture, and solid minerals sectors among such alternatives.
The governor, who expressed grief that illegal mining costs Nigeria over $2 billion yearly, warned that the country risks a future of “guaranteed anarchy”, if it fails to reduce its dependence on crude oil.
Otti gave the warning while delivering the 37th Convocation Lecture of the Federal University of Technology Owerri (FUTO), titled: “Economic Development and Sustainability: Beyond Oil, Exploring Alternative Revenue Potential for Economic Growth and Sustainable Development in Nigeria”, in Owerri, Imo State, at the weekend.
The Governor said that Nigeria must urgently embrace alternative revenue sources, backed by strong political will, institutional reforms and large-scale investment in human capital in order to secure long term stability. He argued that Nigeria’s over-reliance on oil has crippled innovation, weakened tax systems, stifled other high-potential sectors, and repeatedly derailed development plans that looked promising on paper.
Otti criticised decades of neglect in the Solid Minerals sector, noting that Nigeria’s deposits, valued at an estimated $750 billion, an equivalent of N1.088trillion, have been left to illegal miners and criminal syndicates.
“Our nation may continue to fall short of its revenue target if the precious metals mined here are smuggled into neighbouring countries and sold in the black market with the proceeds going into the pockets of non-state actors“, he said.
The Governor further noted that despite decades of Agricultural Programmes, 30.6 million Nigerians still face acute food insecurity.
Otti, who highlighted the Abia State efforts to revive Palm, Rubber and Cashew Plantations, added that his administration has provided support for small holder farmers and partnered with research institutions such as Michael Okpara University of Agriculture and NRCRI Umudike.