Diversifying the nation’s economy has been a topical issue in Nigeria in recent years. The fall in oil price internationally has made the issue most important even at this period. Nigeria craves for a more engaging economy that would be able to produce and manage useful products and services, which also could be consumed locally and packaged for export. This would boost revenue generation, infrastructural development, urbanisation and provide gainful and sustainable jobs for our youths.
So much as the theories are important, they consistently have to contend and adjust to global market demands and trading trends, else millions of naira invested in industries may just be a wasted adventure. A lot of subjective factors become very important to ensure that local production is not cut off the market trend. With the proliferation of the internet and smart phones, consumption all over the world is almost following the same trend; hence producers and all market participants must constantly be compliant with latest trends globally or incur losses.
Issues of standard today have gone beyond meeting quality control standards but meeting up with customers expectations, if not surpassing it, as majority of the active customers now study the simplest products online with their devices, before making a purchase decision. So diversifying an economy far transverses the throwing of money at any ministry to gain a media hype. Government, parastatals and private investors today must carefully research into the values and culture of the populace, so that they can be sure that they are producing what will be appreciated and can last long in the market.
Ondo State today is evidently among the fast-rising commercial hubs in Nigeria, attracting people from far and near due to the establishment of world-class institutions and building of facilities that guarantee a better life both for residents and visitors to the state. The enactment of good policies and other initiatives will give unhindered access to the teeming resources that abound in the state, amongst other viable developmental projects.
FOR example, the introduction of State Integrated Financial Management Information Systems (SIFMIS) will refocus, reshape and restructure revenue generation in the state, which will ultimately lead to expanded economic opportunities.
SIFMIS was introduced to shore up the state’s Internally Generated Revenue (IGR), block financial loopholes within the system, increase the speed of civil servants’ activities and create more time for strategic and value-adding activities in the state’s economy.
it was also introduced to create intelligent and multi-dimensional reports for better management oversight, assist the state government towards quicker decision making and enable civil servants to key into the project for capacity utilisation.
THE revamping of the Olokola Trade Zone has shown the present administration’s commitment and determination to rebuild the state towards greater economic activities.
RECENTLY, the state government embarked on a fresh afforestation project which was flagged off with the Memorandum of Understanding (MoU) between the state government and Wee-Wood limited, a Chinese firm.
THE 10,000 hectare ODSG/Wee-Wood Limited afforestation MoU aims at establishing nursery facilities prepare land, plant and maintain Gmelina arborea plantation at afforestation in Omotosho, Okitipupa Local Government area of the state.
THE government has expressed desire to ensure economic transformation of the state and improve the living standard of the citizenry. The project therefore is a welcome initiative, more so that when in full operation, it is expected to create jobs as more people will be employed.
GOVERNOR Rotimi Akeredolu’s mission to attract foreign investors to tap into cocoa, bitumen, crude oil and palm oil production is already yielding results, as countries like Australia, Algeria, Britain and United States are showing interest.
THE Akure Shopping Mall, O2, Trend Trackers Boutique and many more are creative value addition initiatives to the assets of Ondo State, as well as providing direct and indirect job opportunities for our youths, who are prepared psychologically to tap from the latest trends in global market realities. In similar fashion, about two or three five star hotels are around the same business hub.
The Dome has today become operational and is now a choice destination for leading professionals throughout Southwest Nigeria. Its capacity and facilities are ones to look forward to by those who anticipate comfort. The beauty of commerce is resonance. Since The Dome started operations, the businesses and hotels around have received a boost in their patronage due to an influx of visitors to the state. We need to mention the modern abattoir along Ado road. It has four components, the first a cover slaughter hall, lairage, office complex and auxiliary civil work.
The Hope is full of optimism about the future of Ondo State, with this spate of creative developments What the majority of our youths and corporate individuals only need do is to key into the dreams of the Governor, Arakurin Oluwarotimi Akeredolu, SAN, so that Ondo State can become a commercial destination of great desires. One just needs to ask: is it just a coincidence or a deliberate act of God that this richly endowed state has been entrusted in the hands of a visionary leader to open it up and show the world the things that abound, here?
WE believe that it is a deliberate act of God. The fundamental underlying lesson here goes to the heart of the gradual emergence of Ondo State as a market economy, which many former governments were unable to actualise since 1976, when the state was created.