Governorship aspirant of the All Progressives Grand Alliance (APGA), Dr Domor Mienye, has called for a new economic strategy for Bayelsa State, saying the state must reduce its dependence on monthly allocations from the Federation Account Allocation Committee (FAAC) by building a stronger private sector and attracting long-term investment.

Mienye said although FAAC remains an important source of revenue for every state, Bayelsa’s economy has become too dependent on public spending, while opportunities in manufacturing, gas processing, maritime services, agriculture, fisheries and technology have not been fully developed.

According to him, decades of oil revenue have reduced the urgency to diversify the state’s economy, leaving government as the dominant driver of economic activity. He noted that this model creates few sustainable jobs and leaves the state vulnerable to fluctuations in oil revenue and changing global energy trends.

“The world is changing. While oil and gas will remain important for years to come, economies that succeed will be those that invest in industries, innovation and enterprise. Bayelsa cannot afford to wait until circumstances force us to diversify; we should be leading that transition now.”

He said the next governor must focus on creating an environment where businesses can invest with confidence rather than relying solely on government expenditure to stimulate economic activity.

“The role of government is to create the right conditions for growth by providing infrastructure, strengthening institutions, ensuring policy consistency and making it easier for businesses to invest. When the private sector grows, jobs follow, internally generated revenue increases and prosperity becomes more sustainable.”

Mienye identified the Brass Industrial Corridor, Agge Deep Seaport, gas-based industries, the blue economy, commercial agriculture and technology-driven enterprises as strategic sectors capable of transforming Bayelsa’s economy if pursued through a coordinated long-term development plan.

He also advocated stronger partnerships with development finance institutions, the private sector and the Bayelsa diaspora, saying government alone cannot provide the capital, expertise and innovation needed to unlock the state’s full economic potential.

“FAAC should finance our transition to a stronger economy, but it should never become the economy itself. Our success should be measured not by how much allocation we receive each month, but by how many businesses we help grow, how many industries we build and how many sustainable jobs we create for Bayelsans.”

He maintained that Bayelsa possesses the natural resources, strategic location and human capital to become one of Nigeria’s leading investment destinations, adding that with disciplined leadership and a clear economic vision, the state can build an economy that delivers lasting prosperity beyond federal allocations.