If We Take Out All The Oil, Sell It, Share The Money, Nigeria Will Still Be Low-income Country

Rivers State Governor, Siminalayi Fubara, has committed to mobilizing key stakeholders with significant investment portfolios to partner with his administration in reshaping the state’s economic trajectory. At a cocktail event held in the Banquet Hall of Government House in Port Harcourt, Fubara addressed business leaders, emphasizing the upcoming economic summit’s role in providing crucial data to inform an economic roadmap for Rivers State....CONTINUE READING THE ARTICLE FROM THE SOURCE

The reception, organized by the Rivers State Government, honored participants and delegates of the Rivers State Economic and Investment Summit 2024. Nelson Chukwudi, the Governor’s Chief Press Secretary, issued a statement highlighting Fubara’s determination to revive the state’s economic vitality. Fubara underscored the need for Rivers State to reclaim its status as an economically vibrant entity, capable of competing with advanced and developed countries.

“In reality, Rivers State is renowned for its unique attributes: peace-loving, industrious people, farmers in the hinterlands, and fishermen along the coastline. Despite our historical economic strength, recent missteps have hindered our progress. We are now calling upon global representatives to help us change our state’s economic trajectory,” Fubara stated. He expressed gratitude to all contributors and supporters, assuring that the summit would mark the beginning of significant industrialization in Rivers State.

Former Governor of the Central Bank of Nigeria, Sanusi Lamido Sanusi, also addressed the summit, emphasizing that rectifying a decade of mismanagement cannot be achieved in a short period. Speaking on the summit’s second day, Sanusi acknowledged the necessity of difficult and sometimes unpopular economic reforms.

“ The economic reforms required for a state or nation demand tough decisions. Although these policies may be painful, they are essential for a brighter future,” Sanusi noted. He urged realism, stressing that the benefits of these reforms would take time to manifest.

Sanusi highlighted Rivers State’s potential, being the second-largest economy after Lagos, to serve as a model of progress within Nigeria’s federal structure. He emphasized that the state’s resources, particularly oil, could be either a blessing or a curse, depending on leadership quality.

Furthermore, Sanusi argued that human capital and governance are crucial for development, emphasizing innovation, intellectual property, and education. He reiterated that natural resources alone are insufficient for economic prosperity. “Selling all the oil under Nigerian soil and distributing the proceeds would still leave us a low-income country.

According to The PUNCH reports, Sanusi said, “If we were to take out all the oil that is under Nigerian soil, sell it, and share the money among Nigerians we would always be a low-income country”. Thus, it’s imperative to take steps beyond natural resources to establish robust economic frameworks,” Sanusi concluded

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