Political economist, Prof. Pat Utomi, has said Nigeria must become a regional hub in production and revitalise its manufacturing sector for economic development.

Utomi stated this, yesterday, at the 62nd Centre for Values in Leadership’s (CVL) Leaders Without Title (LWT) Tribute Colloquium, in honour of the Chairman, Odu’a Investment Company Limited, Otunba Bimbo Ashiru, in Lagos.

The LWT leadership tribute colloquium is designed to celebrate extraordinary leaders, who have made a significant impact in their respective sectors.

Speaking on the theme, ‘Interstate Commerce and Economic Growth’, Utomi said the Odu’a Group represents not only an interstate commerce model but also a leg into the concept of development corridor.

Drawing on the endowments of the South West region, he gave instances of taking the Lagos-Ibadan corridor and designing production anchored on value chains that could accelerate the pace of development for prosperous interstate commerce.

He said: “This may mean that instead of sinking fortunes into reclaiming the Atlantic for developing Lagos, we can locate a near city around Ogere, in Ogun State, from which trains can take workers into Lagos and Ibadan in not more than 20 minutes. This will compare favourably with four hours of morning traffic from Sangotedo in the Lekki corridor and or from Ipaja to Lagos.”

Chairman of the colloquium, Dr Michael Olawale-Cole, said Nigeria, endowed with vast natural resources, however, was marked by several challenges, one of which is the role of interstate commerce, which holds the potential to unlock opportunities and drive the country’s economic growth.

He said the dynamic and interconnected network of economic activities, via interstate commerce, was the lifeblood of the nation’s economy.

Olawale-Cole, who is the President of Lagos Chamber of Commerce and Industries (LCCI), cited infrastructural deficit, growing regulatory barriers and insecurity as challenges hindering the country from unleashing the full potential of interstate commerce.

Earlier, Ashiru, in whose honour the colloquium was held, said with the huge revenue states could generate on interstate commerce, there was no reason for them to depend on Federation Account Allocation Committee (FAAC) to sustain their states.