Rising oil prices boost Nigeria’s fiscal space, says Gov. Otti

Abia State Governor, Alex Otti, has said that the recent surge in oil prices, partly driven by geopolitical tensions in the Middle East, has bolstered Nigeria’s fiscal space, offering both relief and opportunities for the nation’s resource-dependent economy.

Otti spoke over the weekend at the 2026 symposium of the Abia Think Tank Association, a gathering of leading technocrats and industrialists, where the achievements of his administration were appraised. The event was themed “Renewed Nigeria’s Economic Resurgence: Is Abia Prepared?”

Represented by his Chief of Staff, Dr. Caleb Ajagba, Otti highlighted national economic indicators showing optimism from the last quarter of 2025. He pointed to gradual stabilisation of the naira, which is restoring confidence in the financial system, and an increasing focus on local production in agriculture and petroleum products, reducing reliance on imports.

“The current windfall from increased oil prices has strengthened our fiscal space,” Otti said, noting that crude oil production had increased to 1.7 million barrels per day, up from 1.58 million, while global oil prices hovered around $100 per barrel. He observed that while inflation had slowed, structural challenges such as poverty, infrastructure deficits, and energy constraints continue to affect Nigerians.

Otti stressed that this recovery window presents opportunities for states with visionary leadership to leverage economic growth. He also highlighted policy reforms, infrastructure investments, and mechanisms aimed at attracting investor confidence to Abia State.

Chief Chuku Wachuku, former Director-General of the National Directorate of Employment, praised the administration’s focus on problem-solving and noted that Abia was making visible progress under Otti’s leadership. Mazi Uche Orji, pioneer Managing Director of the Nigerian Sovereign Investment Authority, in his keynote address, emphasised Abia’s strategic location, ranking fifth among Nigeria’s most industrialised states and fourth in human development. He also highlighted the state’s access to a regional market of nearly 60 million people and the potential of projects such as the proposed Enyimba Economic City and upgraded airport infrastructure to attract investment.

The symposium reinforced Abia’s position as a promising destination for investors seeking opportunities in Nigeria’s economic resurgence.