ABIA – Governor Alex Otti says Nigeria must urgently embrace alternative revenue sources backed by strong political will, institutional reforms and large-scale investment in human capital with a view to securing long term stability.
Governor Otti who 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” warned that Nigeria risks a future of guaranteed anarchy if it fails to reduce its dependence on crude oil.
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.
Governor Otti cautioned that a sudden collapse of oil revenue would throw many States into turmoil adding that what follows would be a guaranteed anarchy.
He attributed Nigeria’s persistent development failures to policy inconsistency, executive indecision and lack of political will, citing Vision 20:2020, the National Industrial Revolution Plan, the Agricultural Transformation Agenda and host of others as examples of under-implemented programmes.
While citing Abia’s tax reforms as proof that a trust-based model works, Governor Otti insisted that taxation must be repositioned as a major instrument of development and not a tool of punitive control.
He recalled that his administration had in 2023 suspended informal sector tax collections and prioritised service delivery, noting that entrepreneurs in Abia, now voluntarily pay taxes in appreciation to the work that is being done.
Governor Otti also criticised decades of neglect in the Solid Minerals sector, noting that Nigeria’s deposits, valued at an estimated $750 billion have been left to illegal miners and criminal syndicates.
The Governor further noted that despite decades of Agricultural Programmes, 30.6 million Nigerians still face acute food insecurity.
He noted that, in the meantime, the most realistic National Goal in Agriculture is to “ramp up output to be able to feed the population, fight the menace of hunger and create certain categories of jobs,” stressing that improved productivity must be treated as an urgent priority.
Governor Otti highlighted Abia’s efforts to revive Palm, Rubber and Cashew Plantations, support for small holder farmers and partner research institutions such as Michael Okpara University of Agriculture and NRCRI Umudike.
According to the Governor, selfish orientation of the present generation has stolen the voices that could have pushed for a better deal for every member of the society and urged Nigerians to rediscover the community-before-self ethos of earlier generations and develop a national mindset that supports accountability, shared responsibility and sustainable economic growth.
Earlier in her remarks, the Vice Chancellor, Federal University of Technology, Owerri, Prof. Nnennnaya Oti, appreciated Governor Otti for honouring the institution with his presence and delivering the thought provocing 37th Convocation Lecture.
The Convocation Lecture also featured the presentation of a commemorative plaque of the institution’s motto, “Technology for Service,” to Governor Otti by the Vice-Chancellor and a special presentation in appreciation of the Governor’s outstanding contributions to Education and development by the leadership of the Institution’s Student Union Government.
The Deputy Governor, Engr Ikechukwu Emetu,
Senator Darlington Nwokocha, the Member representing Ikwuano/Umuahia Federal Constituency, Chief Obi Aguocha, Secretary to Abia State Government, Prof. Kenneth Kalu, Chief of Staff to the Governor, Pastor Caleb Ajagba, Members of the Abia State Executive Council and host of other dignitaries attended the event.
