by Mfon Uyeh

From whichever perspective one may look at it, one of the main aims of the current industrialization drive of Governor Udom Emmanuel in Akwa Ibom state is to diversify the economy and set the state on a sound footing for future economic prosperity.

Over the years, the Nigerian government, by extension various state administrations have been depending solely on oil as the number one revenue earner.

Since the displacement of agriculture by oil as a major revenue earner, there has been no significant effort by governments, both at federal and state levels, to explore other means of drawing down revenue to run the system.

What is obtainable is for the representatives of different states to meet monthly under the aegis of the Federation Account Allocation Committee for the release of billions of naira as entitlements to the three tiers of government.

It is instructive to note that from the total amount shared monthly, approximately 86 percent of total exports revenue comes from petroleum.

Now, the question is, what will happen to our economy if the demand for oil falls far below expectations within a year or two­­­? What if it falls in perpetuity?

Let it be known that some countries, mostly the developed nations of the world, have set deadlines to do away with petrol and diesel cars.

For instance, United Kingdom had since announced plans to ban sales of new gasoline and diesel cars from 2040.

The country’s intention is to ensure that by 2050, all cars there will need to have zero emissions.

Also, France has decided to end sales of petrol and diesel-powered vehicles by 2040, hinging the decision on the fight against global warming.

In India, every vehicle to be sold there by 2030 should be powered by electricity, while Norway is targeting 2025 to ensure that all new passenger cars and vans in the country should be made zero-emission.

Similarly, Germany, the Netherlands, Spain, Austria, Denmark, Japan, China, Portugal, Ireland, and Korea with some states in the United States have set targets to jettison petrol and diesel-powered vehicles.

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It may not reflect sound reasoning for anyone to think that it may not really matter since crude oil has other by-products that can still attract foreign earnings to the country apart from petroleum and gasoline.

Such persons should be reminded of the fact that petroleum remains the biggest offshoot of crude oil and the number one justification for its high demand globally.

Peradventure these developed nations of the world, and others preparing to join them, successfully eradicate gasoline and diesel vehicles from their countries, the demand for oil at the international market is bound to fall drastically, maybe in perpetuity.

Back to the state, it can be said with pride that Governor Udom Emmanuel had long envisaged the dangers ahead by the time the developed nations fully implement the policy, hence his ongoing diversification of the state’s economy through aggressive industrialization drive.

So, it is now left for the citizens, irrespective of political party affiliation, ethnic background, and other biases, to embrace and work with the government to fully sustain the industrialization drive of Governor Udom Emmanuel, even beyond May 2023.

This is the only way to guarantee a prosperous economy, away from oil, in the years ahead for Akwa Ibom State and its people.