I am delighted to share my thoughts on a critical subject that deeply affects oil-producing communities, using Bonny as a case study. Bonny Kingdom holds a unique position, not only as a historical landmark but as a community with immense potential for economic diversification beyond oil. This post outlines practical steps we can take to maximize this potential and secure a prosperous future for the community.
Preserving Bonny’s Rich History for Economic Gains
Bonny Kingdom is steeped in history, with cultural treasures that date back centuries. For instance, the first church in Nigeria, often misattributed to other locations, is here in Bonny. Artifacts such as coral beads and Manila currencies are frequently uncovered during simple activities like gardening. These historical materials should be preserved and showcased to attract tourism. Globally, heritage tourism generates significant revenue—a model we can emulate. For example, during my visit to Romania, I paid a substantial fee to tour a palace. Bonny’s rich history and artifacts can be similarly leveraged for wealth creation.
Diversifying the Local Economy
Relying solely on oil revenue is extremely risky. Economists describe this phenomenon as “Dutch disease,” where dependence on a single resource stifles other sectors of the economy. Bonny’s proximity to the Atlantic Ocean, its aquatic environment, and its developing infrastructure—including an airport and the upcoming road connection—present numerous opportunities for economic diversification.
Local government autonomy now provides Bonny with access to more funds. However, these funds must be used wisely. Instead of merely sharing the money, we should focus on strategic investments. For example, Miami International Airport in the United States is managed by a local government. Bonny’s local government can adopt a similar approach by establishing industries and empowering entrepreneurs.
Real Estate as a Wealth Generator
Real estate is a proven and enduring source of wealth. I have consistently invested in land since my youth, and its value has appreciated significantly over the years. Land does not depreciate or require maintenance like other assets, yet it increases in value over time. Bonny’s natives should prioritize acquiring property now, especially with the anticipated economic boom from the road connection. Let us not repeat the mistakes of communities where outsiders dominate property ownership due to a lack of foresight by the natives.
Empowering Women and Entrepreneurs
Bonny has a strong tradition of empowering women, as evidenced by historical figures like Queen Kambasa. Building on this legacy, we must create initiatives that empower women economically. For instance, when women are provided with tools and resources, they should use these to generate income and create opportunities for others. Mismanagement or quick sales of such resources must be discouraged.
Entrepreneurship is key to community prosperity. Simple businesses can generate significant returns over time. For example, selling a product for just ₦250 to 40 customers daily can yield a turnover of ₦24 million in ten years. By scaling up and diversifying offerings, this income can grow exponentially. Let’s adopt an entrepreneurial mindset and make the most of the opportunities before us.
Building a Cooperative Spirit
A cooperative model can help individuals pool resources, share risks, and achieve common goals. Whether it’s farming, trading, or real estate, cooperatives empower communities to grow collectively. Women, in particular, can benefit from forming cooperatives to access funding and share expertise.
Lessons from Other Communities
Communities that rely solely on oil often fail to develop sustainably. For instance, my maternal community, despite having 24 oil wells, remains poor. In one instance, funds were used to fence a shrine rather than invest in the local economy. We must learn from these mistakes and focus on long-term economic development.
Conclusion
Bonny Kingdom is on the brink of an economic transformation. With its rich history, strategic location, and developing infrastructure, it has all the ingredients for success. However, this potential can only be realized if we embrace diversification, empower our people, and adopt a forward-thinking approach to governance and entrepreneurship.
Let us seize this moment to ensure that Bonny’s wealth benefits its people, not just for today but for generations to come.
Dr. Charles Apoki
For inquiries about my upcoming webinars and resources, contact +23480 21 21 92 62. Let’s work together to build a prosperous future.
