Opinion
Harnessing Economic Potentialities For Development
Every nation around the world has an economy which drives the decision of policy markers. At the same time, every government is driven by the desire to create a growing and more stable economy.
Economic growth being an increase in the amount of goods and services produced per head is conventionally measured by the percentage rate increase in the real Gross Domestic Product (GDP) usually in per capita terms or by an outward shift in the economy’s productive possibilities frontier (PPF). This can only be achieved through effective exploitation and processing of the country’s natural resources.
Nigeria’s portfolio of natural resources has at least 44 known mineral assets that include precious minerals, base metals, bulk minerals and what we presently call earth minerals. The most beneficial solid minerals are scattered all around the nation.
Before the advent of oil exploration and production in Nigeria, specifically, during the colonial era and up to a decade after independence, Nigeria carried out extensive geological surveys and had a good idea of the extent of her mineral reserves. The country had a plan of putting such assets to work alongside private enterprise. The proceeds of such ventures were put to good use and consequently used in the building of some of the public infrastructures in Nigeria. For instance, the agricultural proceeds from cocoa was used to finance education and infrastructures in western Nigeria.
After the Civil War in 1970, Nigerian government ignored the vast resources at her disposal and concentrated all attention on crude oil production. Worst is the fact that the country produced crude oil and sold it to other countries without processing it to extract other bi-products which could be harnessed from crude oil, thereby making Nigeria a handicapped farmer who harvest cassava, sells it in the market and in turn uses the money to buy garri. Yet, Nigeria made a lot of money accruing from the crude oil business.
Between 1973 and 1978, during the oil boom, oil revenue rose quickly to more than 90 per cent of Nigeria’s revenue. Good business I must say, but the mismanagement and embezzlement associated with past administrations, especially during the military junta put the country in unprecedented indebtedness in the early 1980s. Successive governments inherited this debt which led to the slow pace of economic growth and development in the country.
The price of crude oil dropped in 2008, thus putting the country in severe economic danger. But why should the drop in the price of crude oil affect the economy of country that is so naturally blessed like Nigeria? The answer is simple. It is because the country’s economy is one dimensional. Crude oil is the only mainstay which decides the country’s GDP, hence the economic recession we recently experienced.
Today, we are facing a future in which crude oil either ceases to be a strategic resource, or one in which our status as a producer of oil becomes irrelevant in our quest for economic advancement with the international economic environment.
The knowledge of this vicissitude of economic advancement made the immediate past and the present administration to roll out plans to diversify the economy especially to agriculture. This is a step in the right direction capable of rescuing Nigeria’s economy from peril.
However, agriculture alone cannot give Nigeria’s economy the sustainable resurrection it deserves. Other channels of economic progression need to be explored.
There abound a lot of economic potentials in Nigeria as stated above which have not been exploited. In fact, there exists geographical evidence that proves that every zone, region and state in Nigeria has something to bring to the table.
Individual state governments should, in their budgets, make it a priority to exploit the natural resources of their states and pay less attention to federal allocation from Abuja. There is a need for the state governments to look inwards and harness their resources for the growth and advancement of the economy. Mining asset, for instance, which has not been exploited, is a practical example.
Exploitation of natural resources by individual states can attract investors, create jobs and bring development to the state. But it must be stated that it is a capital project that cannot be completed in just one tenure. Therefore, Nigerian government should imbibe the culture of continuity. Government should be a continuum and not a laboratory for project experimentation.
Successive governments should start completing developmental projects started by previous administrations before rolling out new ones. By so doing, Nigeria will start making economic progress and stop running round circles without having infrastructural development direction.
In conclusion, the present administration in the country should take a bold step towards building infrastructures that will be instrumental in the processing and extraction of the numerous bi-products of crude oil. This will help us to fight poverty and economic dependence on other nations.
It is high time we stopped selling our pregnant mothers only to use the proceeds to buy children. National development is not a dream far-fetched or near impossible. Our leaders need to think towards identifying our individual state potentials and harnessing them to improve our GDP and create room for development. We are tired of paper promises and unfulfilled manifestoes. Posterity is watching and waiting.
Mgboh writes from Port Harcourt.
Goodluck Mgboh
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FG’s Transport Support And Rivers Workers
The Federal Government’s approval of a N70,000 monthly transport intervention for public service workers for six months, beginning in November 2026, offers hope to employees struggling with the rising cost of living. The agreement with the Nigeria Labour Congress (NLC), reached at a conciliation meeting in Abuja on October 27, is intended to cushion transport costs and ease pressure on workers’ incomes. But for public servants in Rivers State, it raises a familiar question: will the State Government key into the intervention and ensure that its workers benefit? The agreement provides for N70,000 monthly across all levels, for six months. The Federal Government also approved peculiar allowance arrears effective from May 1, 2026, to be paid in three equal instalments beginning in November.
The parties agreed to reconvene after one month to assess implementation. Ultimately, the value of these resolutions will be measured not by announcements but by whether eligible workers receive the money. Transport costs consume a substantial share of many civil servants’ earnings before they can meet household needs. Support for commuting is therefore not a luxury or political favour; it is temporary assistance to help workers remain at their jobs without sinking further into hardship. For lower-paid employees, transport costs can turn modest salaries into a daily exercise in difficult choices and sacrifice.
The agreement also urges State and Local Governments to participate and unions to press for implementation. The federal agreement does not automatically guarantee that every State and Local Government employee will receive the support. State authorities must clarify how it will apply to their workforce, make the necessary arrangements and publish a payment timetable. Rivers State must approach the arrangement with urgency and transparency. The Government should State whether it will implement the intervention and when payments will begin. Any administrative or financial question should be addressed promptly with organised labour, not allowed to become excuses for delay.
The concern is sharpened by the earlier N35,000 monthly wage award introduced by the Federal Government in 2023 after petrol subsidy removal. It was intended as temporary relief pending a new national minimum wage. While several States negotiated and paid wage awards or related sums, implementation nationwide was uneven. Reports in 2024 indicated that many States had failed to pay the federal award, while others provided different amounts. In Rivers, labour and media reports raised concerns about implementation of the N35,000 award for State workers, amid separate announcements and arrangements concerning Local Government employees.
The wage award was meant to ease the immediate effects of subsidy removal, yet workers faced uncertainty over whether the promised relief would reach them. In February 2024, the Rivers State Government announced approval of the N35,000 award for local government workers, but subsequent reports showed that implementation across worker categories remained a concern. The lesson is clear: approval and implementation are not the same. A declaration at a meeting offers little comfort to a worker whose account does not reflect the promised payment. For workers who travel to their offices daily, the implications of delayed support are significant. Transportation expenses compete with food, rent, school fees, healthcare and other essential household needs.
As fares rise, employees may be forced to reduce spending on necessities or borrow to sustain their families. A timely transport intervention would therefore provide practical relief and demonstrate that government understands the economic pressures confronting its workforce. Its temporary nature makes prompt implementation even more important. It is fair to acknowledge that this transport intervention is a new agreement and that its administrative details may require clarification. Rivers State should not be condemned in advance for a failure that has not occurred. Nevertheless, the earlier experience gives workers legitimate grounds to seek assurances before the November commencement date. The State should avoid allowing uncertainty to persist until workers begin asking why the promised assistance has not arrived.
The NLC and unions in Rivers State should engage the State Government immediately and seek a written commitment, an implementation plan and a process for reporting missed payments. If clarification from the Federal Government is needed, the State should seek it without abandoning the goal of providing relief. Labour leaders must also keep members informed about progress and insist that any agreed arrangements are applied fairly and transparently. The Rivers State Government should treat this intervention as an opportunity to rebuild confidence. Timely support would show that workers’ welfare is more than a talking point and that the State recognises the economic realities confronting its employees.
Silence, delay or selective implementation, by contrast, would revive frustration over earlier relief measures and weaken trust between government and labour. Every month lost to administrative delay leaves workers facing the same transport burden without the intended assistance. The State should consult labour, publish arrangements and pay eligible workers on time. Rivers workers should not have to wonder whether federal relief will reach them. The Federal Government has announced the support; now the State must make its position clear. We hope the N70,000 monthly transport intervention will not follow the troubling path of the earlier wage award. Rivers State should learn from that experience and ensure that this time, relief is not merely promised but delivered.
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