Abia State Governor, Dr. Alex Otti, has observed that the current surge in oil prices, exacerbated by geopolitical tensions in the Middle East, is providing a much-needed boost to Nigeria's fiscal resources. He emphasized that for an economy heavily reliant on natural resources like Nigeria, this period presents both a reprieve and a chance for economic advancement.
Governor Otti conveyed these thoughts over the weekend at the 2026 symposium organised by the Abia Think Tank Association (ATTA), an assembly of leading technocrats and industrialists. The event critically assessed the developmental progress under his administration and encouraged investors to explore the state's substantial business-friendly environment for optimal returns.
The symposium's theme was, "Renewed Nigeria’s Economic Resurgence: Is Abia Prepared?"
Represented by his Chief of Staff, Dr. Caleb Ajagba, Otti pointed to several key national economic indicators from the fourth quarter of 2025 that suggest a positive outlook.
He stated, "As we approach the end of the first quarter of 2026, we are observing a gradual stabilisation of the naira. This is rebuilding confidence in our financial system and creating a more predictable landscape for planning and investment.
"Furthermore, we are witnessing a significant shift towards local production, particularly in agriculture and petroleum products. This marks an end to the long-standing paradox where Nigeria exports raw materials, including crude oil, while simultaneously importing finished goods and refined fuel at exorbitant costs.
"This ongoing transition is more than just economic; it's strategic. It signifies progress towards self-sufficiency, industrialisation, and the retention of value within our nation.
"The current surge in oil prices, partly driven by geopolitical tensions in the Middle East, has expanded our fiscal capacity. For an economy dependent on resources like Nigeria, this moment offers both relief and opportunities.
"Oil production has been on the rise, and with the current price per barrel hovering around $100, up from the $63-$66 range in Q4 2025, coupled with an increase in our production quota to 1.7 million barrels per day from 1.58 million barrels per day in previous months, the nation's revenues are strengthening, making more funds available for the federation."
The governor referenced the World Bank's projection of Nigeria's GDP growth between 4% and 4.5% in 2025-2026. He noted that while inflation has decelerated from 34.80% in December 2024 to approximately 15.15% by Q4 2025, the additional earnings have not necessarily led to an improved standard of living for Nigerians due to persistent structural issues.
These challenges include high poverty rates, infrastructure deficiencies, and problems with energy and logistics, he added.
"The conflict in Iran and other parts of the Middle East, with its associated inflation, is escalating the cost of living and lowering the standard of living. This is understandable because Nigeria is an import-dependent economy, and international market fluctuations directly impact Nigeria and Nigerians.
"Consequently, the national economy can be considered to be entering a recovery phase that states with forward-thinking leadership can capitalize on," he observed.
Regarding Abia State's progress since he took office, Otti reported that numerous policy reforms, infrastructure enhancements, institutional frameworks, and investor commitments have been put in place, all serving as clear indicators of investor confidence in the state's economy.
On improving the ease of doing business, Otti stated that Abia State has made considerable advancements through institutional and regulatory reforms, noting that its ranking improved to 10th in 2025 from 18th in 2024 and 32nd in 2022.
In his address, Chief Chuku Wachuku, a former Director-General of the National Directorate of Employment (NDE) and a notable ATTA member, commented that under Otti's administration, "there is a deliberate effort to solve problems—not manage them, not explain them, but solve them."
He acknowledged that despite the Otti administration's achievements, Abia has not yet reached its full potential but is no longer stagnant.
Wachuku, who also serves as the President of the Agricultural and Industrial Entrepreneurs of Nigeria (AIEN), remarked, "Nigeria's economy is driven by small businesses—not oil, not theories, but millions of everyday entrepreneurs. If this is true, then Abia should not just be catching up. Abia should be leading because what the rest of the country is trying to build, Abia naturally already possesses."
Mazi Uche Orji, the inaugural Managing Director of the Nigerian Sovereign Investment Authority (NSIA), who delivered the keynote address, disclosed that Abia ranks as the fifth most industrialized state in Nigeria and holds the fourth highest human development index in the country.
He further explained that the state is strategically located in the South- East, connecting eleven states within the South-South and South-East regions within a 150-kilometre radius, representing a market catchment of nearly 60 million people.
"As African supply chains expand under the AfCFTA, and as global manufacturers seek production bases with access to large regional markets, Abia's position—combined with the proposed Enyimba Economic City and improving airport infrastructure—makes it one of Nigeria's most logistically appealing investment destinations," Orji added in his keynote address, titled, "The Place of Abia State in Nigeria’s Economic Resurgence."
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