Simbi Wabote has revealed that more than $258 billion designated for the development of the Niger Delta over the past 26 years has not been effectively utilized, leading to urgent calls for accountability and a reevaluation of strategies for economic diversification.
The oil sector expert and former Executive Secretary of the Nigeria Content Development and Monitoring Board (NCDMB) made these comments during an event in Port Harcourt on Thursday, organized by the Niger Delta Chambers of Commerce, Industry, Trade, Mines and Agriculture (NDCCITMA).
Wabote pointed out that the significant funds, which included federal allocations, revenues from excess crude oil, and proceeds from various initiatives such as the amnesty programme, were largely squandered instead of being invested in the region's advancement.
He expressed that there has been a lack of accountability regarding how these funds were managed and allocated for developmental purposes.
Wabote attributed the mismanagement of these resources to inconsistent policies, the absence of a viable operational framework, and an unstable political context.
He compared the Niger Delta’s performance to Rwanda, a country with a smaller population and GDP, which has successfully revitalized its economy and ranks as one of the fastest-growing nations in Africa.
Wabote lamented that the inability of the private and public sectors to collaborate effectively and to formulate a functional developmental plan has resulted in the current economic stagnation in the Niger Delta.
He emphasized the need for a concerted effort to shift the economic dependency away from oil, stating, "We need to establish clear metrics to monitor our progress and set targets by institutionalizing accountability."
Dr. Samuel Ogbuku, the Managing Director of the Niger Delta Development Commission (NDDC), also highlighted the importance of conducting a thorough needs assessment in the region. Ogbuku noted that such assessments will help prioritize projects that align with the community’s needs and goals.
He mentioned that the newly appointed NDDC board is dedicated to changing the previous narratives to address current realities and demands.
Ogbuku acknowledged President Bola Tinubu’s efforts in ensuring that board members successfully complete their tenures, which he believes will contribute to stable governance and optimal resource management.
He called on stakeholders to collaborate to develop a new blueprint for economic growth in the Niger Delta, stressing that it is crucial to think creatively to restore the region to its former economic status.
Ambassador Idaere Gogo Ogan, Chairman of NDCCITMA, shared that the conference represents a pivotal step in establishing a framework to revitalize business and drive economic progress in the region. He asserted the need for tangible results to surpass existing potentials and to forge a new direction for development.
"The Niger Delta’s potential is not insignificant; it carries weight and must be harnessed effectively," Ogan remarked.
He cited that, according to the most recent comprehensive data, the Niger Delta region represents approximately one-fifth of Nigeria’s overall economy.
Chief Solomon Edebiri, Secretary of the chambers, praised the substantial involvement of participants and highlighted the conference's objective to enhance business opportunities and empower small and medium enterprises in preparation for future challenges.
He confidently stated that an actionable plan will be devised once agreements are reached on strategies to rejuvenate the regional economy.
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