On December 21, 2023, His Excellency, Pastor Umo Bassey Eno signed a 2024 Budget of N849.97 Billion into Law. At the
event, he hinted on the determination of his administration to increase the revenue base of the state while reminding the people that, it was not enough to make an elaborate budget but how to service or fund it. What the statement portrays is that the revenue base of the state should be expanded beyond the monthly allocation from Federal Government, monies from market tickets and other receipts from taskforce(s). He was equally sending a message to his cabinet members to come up with fruitful ideas that will generate extra revenue to the state; and for the legislature to make meaningful laws that would open the investment potentials to enable government implement the budget without borrowing. He was also telling the people that coming from the private sector; such people believe they are in control of their own destiny. They do not believe that their financial situation is determined by lack of a circumstance, instead they believe they are respon- sible for their success and that they can create wealth through hardwork and creativity. They are always looking for ways they can increase their income, and never contented with just making enough to set by but always looking for new oppor- tunities to generate more fund and grow their wealth.
To prove the seriousness of his pledge, His Excellency took a bold step by signing an agree- ment with the Naval shipyard limited, a subsidiary of the Nigerian Navy for Maritime transportation. Much as we commend His Excellency, he should do more by investing more in the Maritime sector which covers both aquatic and marine spaces. These spaces encompass a range of productive ventures such as fisheries which we urge His Excellency to liaise with all federal legislators from Akwa Ibom to revamp the Ebughu Fishing termi- nal for fish processing and canning. Others are Agriculture and tourism, transport, ship building, under water mining and other related activities pointing towards economic wellbeing of the state.
More of the gunboats will enhance maritime security and reduce criminalities of sea robbery and arm proliferation, immigration, illegal and unregulated fishing and oil theft within our territo- rial waters. With a safe, secure and efficient maritime industry, the state can diversify away from the monthly allocation to a vibrant maritime trade and prosperity.
Another very important sector which the state should invest in is the agricultural sector which is
as old as creation. The crop with quick return on investment where Nigeria, despite parading gener- ous exploitable mineral and Agro raw materials, are being exported in raw form with no value addition. Akwa Ibom is noted as one of the states in the country that produces cocoa, which is one of the highly sought after cash crops interms of export value. According to the United Nations (UN) and Food and Agriculture Organisation (FAO), Nigeria is the world’s sixth producer of cocoa with a production volume of 248,000 tonnes of cocoa
beans per year. Out of the above figure, 855 tonnes is processed into cocoa derivatives such as cocoa powder, butter, chocolate and paste. The remaining tonnage is exported without value addition. Invest- ment in cocoa processing, therefore, has the potential to generate significance export revenue both to the state and cocoa farmers as the state is cocoa producing zone.
Fortunately, Akwa Ibom soil is host to several mineral resources that can be commercially exploited and are fairly distributed across her local government areas. The minerals range from gold and silver nitrate which are useful in the produc- tion of jewelries. Clay and hydrated aluminous- silicate found in Eket, Etinan, Ikot Abasi, Ikot Ekpene, Ini, Itu, Onna, Oruk Anam, and Nsit Ibom Local Government Area are also rich miner- als in commercial quantity in the state.
KaOline deposited in Itu is useful in the manu- facture of ceramics, bricks, tiles, pottery, etc; High grade silica and bitch sand are abundant in Eket, Itu, Oron, Esit Eket, Ibeno and Mbo as well as Ikot Ekpene, Abak and Etinan Local Government Area. The glass sand are useful for the manufacture of a number of glass products such as bottles, glass sheets, drinking glass, mirror, optical glasses and lenses. It is also used in foundary, abrasive and in the oil and gas industries.
Lime stone deposits and impure calcium carbon- ate can be found in Ikono, which are important in the manufacture of cement, hydrated lime and calcium carbide for wedding. Commercial deposits of salt also exist in the state which can be pro- cessed into table salt, sodium carbonate, sodium hydroxide and other industrial items for food flavouring, preservation and skin tonning.
Flowing from the above, the government should harness its potentials in the solid mineral sector to create employment, reduce poverty and generate revenue to boost the economic fortune of the state to expand its infrastructural development in various sectors, and well-being of the people in the
Discussion about this post