governors on the platform of APC yesterday spoke on their efforts to ride through the economic turbulence Nigeria is going through.
To Lagos State Governor Akinwunmi Ambode, the economy is at a critical threshold which requires leaders to think outside the box and come up with innovations that will trigger growth
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He lamented that previous governments at the federal level failed to take advantage of the oil boom to grow other sectors of the economy, adding that the fall in oil price, coupled with many years of corruption, made the economy vulnerable.
Ambode said: “It is very unfortunate that we wasted the golden opportunity to deploy the trillions of dollars earned from our oil exports to develop the critical sectors of the economy, including power, agriculture, industries, solid minerals, transportation infrastructure, among others. No doubt, if we had done the right thing as some other oil producing countries did, keeping in mind that crude oil is a finite resource, we would not be experiencing the devastating effect of oil price crash on the scale we are experiencing it now.
“We are now being forced to do, with pains, what we should have done with ease years ago. The task of charting a new direction for the economy is not going to be a tea party. Various policy options must be identified and assessed on the basis of our current situation and needs. Moving
our economy forward requires thinking outside the box and doing things differently. We need creativity, innovation and the courage to take difficult and tough decisions.”
our economy forward requires thinking outside the box and doing things differently. We need creativity, innovation and the courage to take difficult and tough decisions.”
“The leadership of the country at national and state levels must have the courage to take tough decisions and make sacrifices in the near term which will, in the long run, make our economy stronger and sustainable and, consequently, result in prosperity across all regions of Nigeria,” he said.
Recommending strategies to improve the economy, Ambode said Nigeria must begin to explore
and expand the opportunities that abound in inter-state relations and strengthen regional competitiveness by maximising economies of scale, regional optimisation of assets and endowments and mitigation of afflictions and natural disasters.
and expand the opportunities that abound in inter-state relations and strengthen regional competitiveness by maximising economies of scale, regional optimisation of assets and endowments and mitigation of afflictions and natural disasters.
“Given our current economic challenge, I believe it is time we took a cue from our old ‘playbook’ for a viable ‘game plan’ to revive our national economy. States and regions must, once again, begin to leverage on their respective areas of comparative advantage by establishing partnerships towards establishing inter-state or inter-regional commodity value chain. We must re-start inter-state/regional cooperation,” he said.
Ambode expressed his desire to see okada riders off the streets of the mega city by making the environment conducive for the Small and Medium Enterprises (SME’s).
He said a large percentage of those engaged in okada riding are not there for the love of the
vocation but pushed into it due to an absence of an enabling environment for the trades they were engaged in.
vocation but pushed into it due to an absence of an enabling environment for the trades they were engaged in.
His administration has come up with various stimulus packages for SMEs to thrive.
Ambode gave instances of soft loans and other stimulus packages put in place to help trade and economy thrive in the state.
The event attracted eminent personalities, including the Chairman of the Board of Directors, Vintage Press, publishers of The Nation, Mr. Wale Edun, Prof. Adebayo Williams, Hon. Wale Oshun, Mr. Ayo Opadokun, Prof. Olatunde Dare, Secretary to Lagos State Government Mr. Tunji Bello and top government officials from Imo State.
Imo State Governor Rochas Okorocha said the difficult economic time required the wisest course
of action and not sentiments.
of action and not sentiments.
According to him, Presidennt Muhammadu Buhari is a visionary who is addressing the problems. Before now, people did not fear to be associated with corruption because the government’s claim to fighting corruption was mere theoretical pronouncements but now corruption is not taken lightly.
In Okorocha’s view, Nigeria is not a poor nation by any standard; “it is the most blessed of all nations in the world”. He said Nigeria’s economic problem is not about the fall in oil price or the government’s lack of attention to the economy.
According to him, Nigeria’s problem is that the Federal Government overburdened itself with a lot of power and responsibilities, including those that are most appropriately undertaken by state and local governments.
He said the local government, which is the closest to the people, has the least powers and funding while the state governments also depend on handouts from the Federation Account to drive their operations, which is a misnomer.
Governors, Okorocha said, are just executive cashiers who wait to collect allocations monthly to be able to carry out their responsibilities to the people they govern. Besides Lagos State, other states run on allocations from Abuja, most of which go to payment of salaries, the governor said.
Okoroacha added: “We must do things differently, if we want to move the economy forward and meet the expectations of the populace. How long shall we (state governments) depend on the Federal Government for survival? The Federal Government should devolve power. Nigeria has practised top to bottom (federal to local government) process of governance for so long and has
continued to achieve unfavourable result. It is time to practise bottom to top (local government to federal) system of governance where the bulk of funds goes to the local government and the least to the federal.
continued to achieve unfavourable result. It is time to practise bottom to top (local government to federal) system of governance where the bulk of funds goes to the local government and the least to the federal.
“Why should the Federal Ministry of Agriculture get very fat budgetary allocation while it has no land to farm? We must do things differently to move the economy forward.
“Also, our educational system doesn’t encourage economic development. We still practise neocolonialism. Why should it be mandatory to have credit pass in English language and Mathematics before gaining admission into a higher institution, especially the university? We should tailor our education to specialties. There is need for special schools to develop expertise.
“In my state, I introduced the fourth tier of government – the community government – where all the traditional rulers and other community leaders play prominent roles. This tier of government
has helped me to ensure security. They report any criminal or someone with questionable character to my government, and we go after such people. The Imo State Government also empowered the communities by dedicating a fund in the community banks to access money to embark on production of goods that they have comparative advantage. This process has significantly reduced unemployment and crime.”
has helped me to ensure security. They report any criminal or someone with questionable character to my government, and we go after such people. The Imo State Government also empowered the communities by dedicating a fund in the community banks to access money to embark on production of goods that they have comparative advantage. This process has significantly reduced unemployment and crime.”
Oyo State Deputy Governor Adeyemo highlighted the importance of diversification of the economy along the lines of states’ natural resources.
He said there was no advantage whatsoever in monoculture and mono-economy, underlining the importance of diversification.
Alluding to the need to diversify from crude oil and refocus on Nigeria’s abundant resources, especially agriculture, Adeyemo pointed out that the Cocoa House in Ibadan, the first high-rise
building in Nigeria built 50 years ago, and the Airport Hotel, built 40 years ago, were built with proceeds from cocoa by the then Western region.
building in Nigeria built 50 years ago, and the Airport Hotel, built 40 years ago, were built with proceeds from cocoa by the then Western region.
He expressed the willingness of the Oyo State Government to further explore opportunities in inter-state relationship, noting that the state will be willing to partner with the Lagos State Government in agriculture.
According to him, Oyo State, with a vast landmass of 32,000 hectares for farming, and Lagos State, with its enormous capital and appetite for agricultural investments, can partner to explore the agricultural potential of the state and create wealth and jobs across the states.
“We will like to sign a Memorandum of Understanding (MoU) with Lagos State in the area of agriculture,” Adeyemo said.
Ogun State Commissioner for Industry Ashiru, who represented the governor, said: “Nigeria should move beyond production of agricultural produce to manufacturing of agricultural products.”
He said Nigeria should develop the value chain of the agricultural sector to take maximum advantage of the nation’s resources.
To Ashiru, the decline in the global crude oil price is a blessing in disguise for Nigeria as it presents the opportunity for the nation to reassess its consumption pattern and taste in favour of local production and consumption.
According to him, the time is ripe for Nigerians to look inward by supporting local production by
advocating for and consuming locally made products as a matter of patriotic duty for national economic development.
advocating for and consuming locally made products as a matter of patriotic duty for national economic development.
He noted that Ogun State has emerged as the most attractive destination for investors because of the government’s business- friendly policies adding that the state would further explore its synergistic relationship and closeness to Lagos State to develop mutually beneficial businesses.
Citing the Lagos State-owned Adiyan Waterworks and farm settlement in Ogun State as well as granite supply from Ogun State to Lagos State, Ashiru said inter-state economic cooperation could be mutually rewarding for all the partnering states.
He warned against the call for the devaluation of the Naira, noting that devaluation would constrain the long-term national economy and transfer Nigerian economic benefits to other countries.
The Italian Consular General in Nigeria, Mr. Andrea Pompermaier, said the country should make a more concerted effort to engage the international investment community to showcase the latent potential and resources of the country to global investors.
Pompermaier said Nigeria has so much vast resources that could attract global investors but the country’s international profile has been largely dominated by its crude oil and sleaze.
According to him, there is need to represent Nigeria and its abounding opportunities to the global investment community to give a broader view of the country, its resources and people.
He said his personal experience in Nigeria has shown that some of the international opinions about this country were misplaced as there is much more to Nigeria than oil.
Pompermaier said Italy believes in the future of Nigeria, assuring the audience that the Italian consulate would work to further strengthen the bilateral relationship between Nigeria and Italy by bringing Nigerian and Italian businessmen together.
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