July 20, (THEWILL) – Governor Udom Emmanuel of Akwa Ibom, has called on the Federal Government to see the need to diversify the nation’s economy to be less dependent on oil.
Udom stated this during a two-day retreat on Petroleum Industry Act 2021, organised by the Revenue Mobilisation Allocation and Fiscal Commission in Uyo, on Wednesday.
Emmanuel, who was represented by his deputy, Mr Moses Ekpo, at the event with the theme, “petroleum Industry Act (PIA) 2021, and its Impact on Federation Revenue”, said that there was urgent need to diversify the economy from oil to agriculture, small and medium scale enterprises, aviation and tourism, as only oil could no longer sustain the nation’s economy.
He reminded the government that industrialised countries of the world were making plans to seek for other sources of power apart from oil, therefore, Nigeria should begin to explore alternative sources of revenue.
“Let me, however, emphasise a central issue that must be addressed urgently, the need to diversify our economy and be less dependent on oil.
“We are aware of the determined efforts of industrialised nations to wean themselves off oil, and place emphasis on other sources to power their economy”, Emmanuel said.
Emmanuel called participants at the retreat to brainstorm and make recommendations on how the federation account would benefit from the decentralisation of the oil industry, especially as it affects the host communities.
Earlier in his welcome remarks, Mr Umaru Abdullahi, Acting Chairman, Revenue Mobilisation Allocation and Fiscal Commission, said that the oil industry is very important to the country and has a major impact on the nation’s economy.
Abdullahi said that even though the industry contributed less than 10 percent to the country’s Gross Domestic Product, the industry accounts for over 80 percent of nation’s foreign earnings.
He noted that any adverse change in the industry would have a major and long term impact on federation revenue, stressing that it might have been the reason governments in the past and present concentrated on the sector.
The chairman commended the present government for being courageous to enact the petroleum industry act, after so many years.
