From Prosperity To Peril: Tonye Cole Exposes Rivers’ Economic Meltdown

Former Rivers State governorship candidate of the All Progressives Congress (APC), Tonye Cole, has expressed deep concern over the state’s economic decline, warning that it is falling far behind Lagos and Abuja in attracting investment and generating jobs.....KINDLY READ THE FULL STORY HERE▶

Speaking on Politics HQ, a News Central Television programme on Friday, Cole revealed that foreign direct investment inflows into Rivers are almost non-existent compared to Nigeria’s two leading economic hubs.

“Right now, about 98 percent of FDIs coming to Nigeria go to Lagos, roughly one percent goes to Abuja, and the remaining one percent is shared among all the other states,” he said.

He noted that such disparity underscores how much Rivers has lost ground economically, despite being a major oil-producing state.

Cole further lamented the high unemployment rate in Rivers compared to Lagos.

“When it comes to unemployment, Lagos has about 5 percent, while Rivers is at 14 percent. We are not even in the same league,” he stated.

The businessman-turned-politician also drew attention to worrying social indicators, citing child mortality as a glaring example.

“Child mortality in Lagos is 100 deaths per 1,000 births. In Rivers State, it is 1,000. That figure is shocking and unacceptable,” he stressed.

Cole explained that his entrepreneurial background drives his political ambition, emphasizing that Rivers needs practical, results-oriented leadership to address its economic crisis.

“When you start looking at the numbers, you realize the problem is huge and very real. What we need now is to rebuild Rivers and position it to compete again,” he added.

He also cautioned against false comparisons with Lagos, insisting the gap is still wide.

“Anyone claiming we are at par with Lagos is deceiving themselves. We are not, and there’s serious work to be done,” he concluded.