REPORTER: PEACE AGBO
Federal government has been urged to reduce its dependence on crude oil revenue and embrace alternative revenue sources for sustainable growth in Nigeria.
Governor Alex Otti gave the advice during a Convocation Lecture of the Federal University of Technology Owerri, FUTO, with the theme, “Economic Development and Sustainability: Beyond Oil, Exploring Alternative Revenue Potential for Economic Growth and Sustainable Development in Nigeria”.
The Governor noted the country should fall revert to alternative revenue sources with strong political will, institutional reforms and large-scale investment in human capital to enable her to secure long term stability.
While insisting that Nigeria’s over-reliance on oil has crippled innovation, deteriorated tax systems, subdued other high-potential sectors and stunted development plans that looked promising on paper, Governor Otti cited Abia’s tax reforms as proof that a trust-based model assisted in the transformational growth of the state.
He criticized decades of neglect in the Solid Minerals sector, stressing that Nigeria’s deposits, valued at an estimated 750 billion dollars have been left to illegal miners and criminal syndicates.
The governor who lamented that Nigeria’s GDP per capita “fell from $1,820 to $807 in 2025” despite decades of ambitious plans, added that the Country’s tax-to-GDP ratio remains below the African average and called for a complete overhaul of the revenue architecture.
He called on the federal government to sustain her fight on the menace of hunger and create certain categories of jobs and highlighted Abia’s efforts to revive Palm, Rubber and Cashew Plantations, support for small holder farmers and partner with research institutions such as Michael Okpara University of Agriculture and NRCRI Umudike.
Earlier in her remarks, the Vice Chancellor of FUTO, Professor Nnennaya Otti, expressed appreciation to the Governor for the 37th convocation lecture.
Correspondent Peace Agbo quotes the Governor that sustainable development requires education, innovation and a well-trained workforce capable of extracting value from other sectors.
