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| Governor Alex Otti speaking at FUTO’s 37th Convocation Lecture, urging Nigeria to embrace new revenue sources beyond oil for sustainable national development. |
Governor Alex C. Otti, OFR, on Thursday, December 4, 2025, delivered the 37th Convocation Lecture of the Federal University of Technology Owerri (FUTO), where he urged Nigeria to urgently move beyond its longstanding dependence on crude oil and embrace new economic pathways that can sustain long-term national growth.
Speaking at the packed Prof. C. O. E. Onwuliri Conference Hall, the Abia State Governor expressed profound gratitude to the university community for granting him the honour of addressing one of the country’s most prestigious academic gatherings. He described FUTO as a citadel of learning that has consistently demonstrated excellence in technology, research, and innovation, producing graduates who continue to impact Nigeria and the wider global community.
Governor Otti opened his remarks by acknowledging FUTO’s remarkable contribution to national development over the years. According to him, the university has remained faithful to its founding mission of serving humanity through scientific innovation, academic excellence, and community service. He stated that no nation can advance without institutions that invest in the production of knowledge and the training of problem-solvers, insisting that universities such as FUTO are indispensable to Nigeria’s economic transformation.
The governor used the occasion to express deep appreciation to the Vice-Chancellor, Prof. Nnenna Oti, describing her as a symbol of courage and integrity whose actions during the 2023 Abia State governorship collation strengthened public confidence in Nigeria’s democracy. Recalling the tense events between March 18 and 22, 2023, he said those days were defining moments not only for Abia State but for the entire nation, as they demonstrated how personal decisions taken under intense pressure can influence the destiny of millions. He commended Prof. Oti for upholding truth and fairness despite the weight of political tension surrounding the collation process.
Governor Otti noted that some people often argue that the praise she receives is unnecessary because she simply “did her job,” but he countered that very few individuals carry out their duties with the same patriotic conviction when confronted with fear, political intimidation, or pressures arising from personal interest.
He described the Vice-Chancellor as a moral giant and insisted that her integrity continues to inspire Nigerians to prioritise truth over convenience. He further stated that the people of Abia State remain eternally grateful to FUTO for producing individuals who distinguish themselves through character and responsibility.
Transitioning into the core theme of the convocation lecture, “Economic Development and Sustainability: Beyond Oil, Exploring Alternative Revenue Potential for Economic Growth and Sustainable Development in Nigeria,” Governor Otti emphasised that Nigeria stands at a critical crossroads. He warned that the country’s over-reliance on crude oil as its primary revenue source is no longer sustainable in a rapidly changing global economy that is shifting toward renewable energy, digital technology, and climate-friendly policies. According to him, nations that have diversified their economic base enjoy greater stability and resilience, while those that cling to old models risk economic stagnation.
Otti pointed out that for more than five decades, oil has dominated Nigeria’s revenue structure, shaping government budgeting, foreign exchange earnings, and political decision-making. However, he explained that fluctuations in global oil prices, geopolitical uncertainties, and emerging technologies have increasingly exposed Nigeria to economic shocks. He stated that the urgency to diversify is no longer optional but fundamental for national survival. In his words, Nigeria must begin to prepare for a future where oil may no longer guarantee economic prosperity.
The governor highlighted several sectors with strong potential to transform Nigeria’s revenue landscape. Agriculture, he said, remains Nigeria’s most viable asset for large-scale job creation and export earnings. With vast arable land and a tropical climate favourable for year-round cultivation, Nigeria can become a leading global player in agro-processing, food production, and commodity exports. He stressed that modern farming systems, mechanised agriculture, improved storage facilities, and efficient value-chains can unlock billions of dollars in revenue while reducing food import dependence.
He also stressed the importance of technology and digital innovation in repositioning Nigeria for sustainable growth. According to him, the country’s youthful population has proved its creativity in fields such as software development, fintech, artificial intelligence, digital media, and cybersecurity. He noted that investments in digital infrastructure, research funding, and tech hubs can enable the country to export technological services to the world and reduce unemployment among young people.
In addition to agriculture and technology, Otti pointed to manufacturing and industrialisation as key drivers of long-term economic stability. He argued that Nigeria cannot continue as an import-dependent nation, spending billions of dollars annually on products that can be manufactured locally. With a clear industrial policy, supportive infrastructure, and access to credit, small and medium-scale manufacturers can build competitive industries capable of exporting to regional and international markets.
The governor also underscored the untapped potential of Nigeria’s solid minerals sector. With resources such as gold, lithium, limestone, coal, and various metals, he said a transparent regulatory framework and investment-friendly policies could turn mining into a major source of national revenue. He emphasised that diversification must be accompanied by accountability to prevent the corruption and mismanagement that once plagued the sector.
Additionally, he identified tourism and the creative economy as emerging global revenue generators. Nigeria’s cultural heritage, music, fashion, film, and natural attractions, he noted, offer enormous opportunities if backed by proper security, infrastructure, and private-sector partnerships.
Governor Otti concluded by emphasising that education remains the backbone of sustainable development and economic progress. He urged universities, particularly technology-driven institutions like FUTO, to intensify research, innovation, and entrepreneurship development. He called on students to embrace creativity, critical thinking, and technological skills that align with global economic realities.
In his closing message, he encouraged Nigerians to see economic diversification as a collective responsibility. He stated that the future of the country depends on how boldly it can reimagine its economic direction today. He warned that the world is changing rapidly and Nigeria must not be left behind. His lecture ended with a standing ovation from the FUTO community, who applauded his consistent advocacy for national transformation and sustainable development.
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