Home News Economist tasks state govts on comparative advantage to boost their economy

Economist tasks state govts on comparative advantage to boost their economy


By Folasade Adeniran

Lagos – Prof. Pat Utomi, an economist, has advised states governments to look inward and utilise their comparative advantage to boost the economy and improve the standard of living of their people.

Utomi gave the advice in a keynote address at a three-day management retreat of officials of the Sokoto State Ministry of Finance in Lagos.

The retreat had the theme: “Let’s Build The Future Together’’.

According to him, each state in the country has its own comparative advantage and well endowed to make it globally competitive.

“Like in Sokoto, you easily get the gum arabic and from it, you can create chemical industries, you design parks that are driven by that endowment of gum arabic.

“That will make Sokoto 30 years from now perhaps the leading place for industrial parks, processing of chemical products coming from gum arabic.

“And that alone can make Sokoto easily the wealthiest state that you can imagine, just that we have not been able to discipline ourselves in those ways,’’ he said.

Speaking on the impact of culture on economic progression and stagnation, Utomi called for a change in political culture from an obsessive self love to the common good of all.

He also challenged the top managers in the ministry to create what he described as “the Arena virtue’’ to ensure sustainable economic development in the state.

Also, a former Chairman of the Federal Inland Revenue Service (FIRS), Mrs Ifueko Okauru-Omoigui called for attitudinal change among civil servants and harped on the need to ensure specific taxation to boost revenue generation.

In his remark, the Governor of Sokoto, Alhaji Aminu Tambuwal listed various development projects cutting across road construction, education, health, Agriculture, capacity building and financial empowerment embarked upon by his administration.

Tambuwal, represented by the Sokoto statenCommissioner for Finance, Abdussamad Dasuki, explained that the projects were all geared toward a prosperous future for the state and residents alike.

News Agency of Nigeria (NAN) reports that the management retreat was deliberated on a wide range of topics including growth opportunities and prospects, regulatory challenges, sustainable contributory pension scheme and effective budgeting.

At the end of the programme, participants are expected to be invigorated with a concise and clear approach to revenue generation and management of financial matters in the state in a more productive and sustainable manner.


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