YENAGOA – Governorship aspirant of the All Progressives Grand Alliance (APGA), Dr Domor Mienye, has urged Bayelsa State to adopt a new economic strategy that places greater emphasis on private investment, industrialisation and enterprise, saying the state must move beyond excessive dependence on monthly allocations from the Federation Account Allocation Committee (FAAC).
Mienye said federal allocations remain an important source of revenue for every state, but warned that Bayelsa’s long-term prosperity cannot continue to depend primarily on public spending. According to him, the state’s vast natural resources and strategic location provide a strong foundation for building a more resilient economy driven by productive industries.
He noted that decades of reliance on oil revenue have slowed economic diversification, leaving sectors such as gas processing, manufacturing, maritime services, agriculture, fisheries and technology below their full potential.
“The global economy is evolving, and Bayelsa must evolve with it. While oil and gas will remain important, our future prosperity will depend on how successfully we build industries, encourage innovation and create an environment where businesses can thrive.”
The APGA governorship aspirant said the responsibility of the next governor extends beyond managing public finances to creating the conditions that attract investment, stimulate enterprise and expand employment opportunities.
He identified the Brass Industrial Corridor, Agge Deep Seaport, gas-based industries, commercial agriculture, the blue economy and technology as strategic sectors capable of transforming Bayelsa’s economy if supported by deliberate policies, improved infrastructure and stronger collaboration with investors and development finance institutions.
Mienye also stressed the importance of engaging the Bayelsa diaspora, saying many professionals and entrepreneurs are willing to contribute their expertise, networks and investments if the right policies and institutions are in place.
“FAAC should provide the resources to build a stronger economy, but it should not define our economy. The real measure of progress is not the size of our monthly allocation, but the businesses we grow, the investments we attract and the sustainable jobs we create for our people.”
He maintained that Bayelsa has the resources, human capital and geographical advantages to become one of Nigeria’s leading investment destinations, adding that disciplined leadership, long-term planning and sustained partnerships with the private sector would be critical to achieving that vision.