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Dr. Alex Otti who is the governorship flagbearer of the Labour Party in Abia State has revealed that he has plans to expand the state’s ₦3.5 trillion gross domestic product (GDP) by creating an enabling business environment that will attract investments.
Otti made this known when he appeared on Arise TV’s Morning Show programme that was monitored by The Eastern Updates.
He pointed out that he had the influence and goodwill to attract both local and foreign capital into the state’s coffers, and would make the state a viable industrial cluster if elected as its next governor on March 18.
The LP candidate, who is a former managing director of the defunct Diamond Bank, said he would be riding on his experience in fiscal prudence and financial management to improve the state’s ‘tattered’ financial resources.
‘The state’s debt profile is currently ₦190 billion, ballooned from N34.5 billion since 2015. Despite the rising debt, the state owes arrears of salaries and pensions,’ he said.
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He berated the current state government, which he alleged was struggling to pay salaries despite the huge economic potential of the state.
He declared, ‘I have said it before and I make bold to say it again: If elected, my administration would clear, by December, the outstanding salaries and pension owed.’
He stressed the importance of pulling the state out of debts, insisting that poor fiscal management of the state’s resources had spiked the states’ debt.
Otti regretted the poor ranking of the state on ease of doing business, despite its huge economic potential.
‘Our state ranks 32 out of 36 on the World Bank’s ease of doing business. This shouldn’t be the case. Our state is an industrial hub and should not occupy that position. What we plan to do is to open up linkage roads to neighbouring Port Harcourt, and to Akwa-Ibom and Imo states. This will enable industrial cluster to grow,‘ he said.
Some notable companies previously sited in the state, including Ama Brewery and Aba Textile Mills, Otti said, had exited there because of poor business climate.
Abia State has 51 percent unemployment rate, which is almost twice the national average of 33 percent.
