Over reliance on oil and gas can no longer sustain Nigerian economy – Okowa

Gov. Ifeanyi Okowa of Delta has restated that the country’s over reliance on revenue from the oil and gas sector can no longer sustain the economy.

The governor stated this when the Post Mortem Sub-Committee of the Federal Account Allocation Committee (FAAC) led by Afolabi Popoola, paid him a courtesy visit on Tuesday.

The governor, represented by his deputy, Kingsley Otuaro, also advised that diversification of the economy would avail the nation more resources for growth and development.

Okowa said that the State started the “Delta Beyond Oil” programme to diversify its economy based on the belief that other sectors of the economy could be developed to yield more resources for the development of the state and nation.

“As a state, we believe that the oil and gas sector can no longer sustain our economy that is why the State under the previous administration started the Delta Beyond Oil initiative.

“We will take maximum advantage of your visit and will not relent in our bid to diversify the economy of the state.

“You are advocating for states to look into the solid mineral sector and explore it since it has great potential for generating more revenue for the country and we will do just that,” he said.

Earlier, Popoola said that his committee embarked on a working visit to States to educate those with notable solid mineral resources on the potential of the sector.

He said that the visit had become necessary in view of the dwindling revenue accruing to the states due to the fall in the prices of oil and gas.

“If we look at the solid mineral sector critically we can make more money like in the oil and gas sector.

“Every government needs to venture into this area, a lot of private sector is investing in the solid mineral sector and so there is nothing wrong if government goes into it,” Popoola said.

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