Business
Oyedele: Delta must turn oil wealth into prosperity
…Says execution, not resources, creates wealth
By Babajide Komolafe, Economy Editor & Egufe Yafugborhi, Ochuko Akuopha
ASABA— Minister of Finance and Coordinating Minister for the Economy, Mr. Taiwo Oyedele, Monday, challenged Delta State to convert its abundant natural resources into sustainable prosperity, stressing that wealth is created through sound execution rather than the mere possession of resources.
Speaking at the Delta State Economic and Investment Summit in Asaba, Oyedele said: “Delta State’s strengths are already well known. They are found in your rich land, your waterways, your abundant natural resources, your resilient people and your strategic location. The challenge is not discovering these strengths but harnessing them.”
According to him, “The potential already exists. What is required is sustained commitment, the right processes, the courage and the readiness to unlock it. Prosperity does not come because a state is naturally endowed. Prosperity comes through execution.”
Drawing parallels with the Federal Government’s economic reforms, he said: “When President Bola Ahmed Tinubu assumed office, he confronted difficult economic realities head-on. He refused to hide behind fiscal illusions. The government unified the foreign exchange market, removed the unsustainable fuel subsidy and restored discipline to monetary policy.”
He added that “those reforms have reclaimed resources that can now be invested in hospitals, schools and critical infrastructure, while aggressive tax reforms are being implemented without placing additional burdens on small businesses.”
Oyedele maintained that the Federal Government had laid the foundation for economic stability but insisted that translating that stability into prosperity rests largely with state governments.
“Macroeconomic stability is the responsibility of the Federal Government. Shared prosperity is the responsibility of every level of government. Abuja can stabilise the economy, but it is the states that must convert that stability into jobs, higher incomes, thriving businesses and a better quality of life for their people,” he said.
He noted further: “Abuja can stabilise the currency, but Abuja cannot operate a processing plant in Delta State. Abuja cannot resolve land title issues in Warri or identify and support local farmers and entrepreneurs. Those are the decisions that transform economic statistics into jobs, factories and profitable markets.”
Describing Delta as one of Nigeria’s most strategically positioned states, Oyedele said: “You possess enormous hydrocarbon resources that have powered Nigeria for generations. Your land is fertile and vast mineral resources lie beneath your soil waiting for investment to unlock their value. But natural resources alone do not create prosperity. Prosperity comes from strong institutions, consistent policies, political will and an environment where contracts are respected and investments are protected.”
Addressing investors, he declared: “You are not being asked to take a leap of faith based on empty promises. Nigeria’s macroeconomic turnaround is documented. The Federal Government is delivering on its commitments at the centre, while Delta State is demonstrating its commitment here today. The time to invest is now.”
