Allocation alone can’t guarantee prosperity for states — Oyedele

OWERRI — The Minister of Finance and Coordinating Minister of the Economy, Prof. Taiwo Oyedele, has said federal allocations alone cannot guarantee prosperity for states, urging governments to develop sustainable sources of revenue and drive economic growth.

Oyedele stated this at the 2026 National Council on Finance and Economic Development (NACOFED) conference in Owerri, Imo State.

The minister said the conference was aimed at addressing prevailing economic challenges amid the volatility in the global economy, particularly the impact of the ongoing conflict in the Middle East.

He noted that Nigeria, whose economy remains heavily dependent on oil, could not afford to overlook developments in the Middle East and their potential implications for the country’s economy.

According to him, the conference was also an opportunity to assess whether the benefits of federal allocations were being felt beyond state capitals and in communities across the regions.

Oyedele stressed the need for states to look beyond federal allocations and develop their productive capacities to achieve sustainable economic development.

In his remarks, Imo State Governor, Senator Hope Uzodimma, said his administration was investing in agriculture, the digital economy, power and infrastructure as part of efforts to diversify the state’s economy.

Uzodimma, who was represented by his deputy, Dr Chinyere Ekomaru, said states must be deliberate and intentional about diversifying their economies.

The governor said his administration had also improved security in the state as part of measures to create an enabling environment for economic activities and attract investment.

He added that Imo was moving towards a more vibrant economy, stressing that his administration remained committed to driving investments and expanding economic opportunities for residents.