Samuel Marshall
Elder statesman and Niger Delta activist Reverend Sokari Soberekon has recently raised concerns about the Federal Government’s reliance on loans obtained from international lending institutions.
He said the loans are being secured based on guarantees that the country’s crude oil reserves will provide the necessary funds to repay them.
In a recent statement, Rev. Soberekon expressed his wonder and astonishment at this approach, calling for a shift towards a more diversified economy.
With the budget of the nation being drawn on borrowed funds, Rev. Soberekon questions the government’s bravery in relying on a single export, namely oil. He urges political leaders to prioritize diversifying the economy, rather than relying solely on the revenue generated from crude oil. He believes that this trend of over-dependence on one export is not sustainable and could lead to dire consequences for the country’s future.
In his statement, Rev. Soberekon highlights the urgent need for the government to focus on creating people-oriented legacies. This includes investing in crucial areas such as affordable education, food security, and quality healthcare for all citizens. He emphasizes that these are the true markers of a prosperous nation, rather than just infrastructure projects such as roads and bridges.
Rev. Soberekon also poses a crucial question to the government, “Where are all those exportable national products that were once the pride of Nigeria?” He references the cocoa production of the West and the groundnut pyramids of the North, which were once major sources of revenue for the country.
He lists some more:
- Cotton (Northern Nigeria)
- Rubber (Southern Nigeria)
- Palm oil and palm kernels (Eastern Nigeria)
- Coffee (Central and Western Nigeria)
- Cashews (Western and Eastern Nigeria)
- Benin lint (cotton) from Mid-Western Nigeria
- Timber (e.g., mahogany, iroko, and afara)
- Columbite (a mineral used in steel production)
- Coal (Enugu and other Southeastern states)
“These exports contributed significantly to Nigeria’s economy, but their production and export have declined over the years”, he laments.
He also questions the lack of focus on other valuable exports such as livestock from the North. These products were once the backbone of the Nigerian economy, and Rev. Soberekon urges the government to revive and prioritize them.
Rev. Soberekon makes the wake-up call for the Federal Government to rethink its current approach to managing the country’s finances. The over-dependence on loans and a single export, namely oil, is not a sustainable path for economic growth and development. It is time for the government to diversify the economy and invest in sectors that will have a direct and positive impact on the lives of its citizens. As Rev. Soberekon rightly states, “It is better to leave behind a lasting legacy of progress and development, rather than just roads and bridges.”
It is time for Nigeria to tap into its vast resources and potential and pave the way for a brighter and more prosperous future.***
