by Ranti Joseph

With the dwindling economy in not only Nigeria but also Sub-Saharan Africa countries, Governor of Delta state, Emmanuel Uduaghan has also saw the need for diversification of the economy and has stressed the need for Sub-Saharan Africa countries to fashion out a new value system and diversifies their economies to achieve economic progress.

Uduaghan, who said disclosed this in Ibadan at the 2nd National Public Lecture of the University of Ibadan (UI), ALUMNI Association, held at the Trenchard hall, UI, called for reduction of poverty on Saturday

Uduaghan in his lecture said the over dependence on export of primary commodities and mineral resources must be reversed explaining that failure to reverse it would make the countries to remain permanent under achievers, adding that the nation’s leadership should fashion out a new value system.

“Sub-Saharan Africa remains exporters of primary commodities and mineral extraction, while Nigeria oil export accounts for 90 percent of export proceeds and 70 percent of public revenue.

“This narrow revenue base is responsible for high unemployment. I think everyone knows that the oil sector has limited opportunities for employment,” he said.

Uduaghan further explained that South-East Asian economies grew by 6 per cent, while Sub-Saharan African economies grew by 3.5 per cent since 1960 stating that the South East Asia achieved great progress by diversifying their economies from export of primary commodities into manufacturing, agro-processing, value addition and had rose with global economy.

“We knew that depending on export of minerals had more damaging effect on the economy if not reversed. The external shock experienced by fall in crude oil prices is self-evident,” he said.

He said that with Nigeria being well endowed with good soil, good weather condition, and quality human capital, it had the opportunity to lead the African renaissance.

He said it is a thing that breaks heart to hear that many of our professionals are doing menial jobs in other countries because of the nation’s condition.

“Some even engage in crimes and prostitution, thus soiling our collective image as a nation,” Uduaghan stated.

He said that the economic challenges brought about the policy of Delta beyond oil, which had helped them a lot in transforming Delta to its enviable heights today.

“I am leaving the state peaceful, secured and better than I met it. We have made 205 first class graduates, who benefitted from our N5 million scholarships per graduate,’’ he said.