Gov Ajimobi admits there is economic stagnation in Oyo state
The executive governor of Oyo state Senator Abiola Ajimobi last week admitted that the state is witnessing what he described as economic stagnation. According to the governor, the economic stagnation was instigated by the dwindling revenue allocation from the Federation Account.
Speaking at the breakout session attended by Governors of states in the southern part of the country at the 21st Nigerian Economic Summit organized by the Nigerian Economic Summit Group in Abuja on Wednesday, the governor said Oyo state plans to “shore up” its dwindling revenue base by leveraging on its agriculture potential to achieve the objectives of the summit, which he said was well timed.
Ajimobi used the opportunity to announce that the state offers substantial discount to investors wishing to invest in agriculture, while such lands are acquired with relative ease.
He said, “The major advantage Oyo State has over other states today is its size. We are leveraging on our size and vast landmass to grow our economy. There are many industrial giants in Oyo State today who were attracted to the state by our business incentives.
“I’m using this opportunity to invite more investors to partner with the state government. Oyo State is five times the size of some states in the country. With such size and landmass, as well as the goodwill of the government, there is no business that will not thrive in Oyo State.
“We are also creating a logistic centre, which will have an industrial park, storage and other facilities. We are doing everything possible to ease logistics in and around the state.”
Ajimobi said that the state had also enacted a Public Private Partnership law to create a condusive environment for investors willing to partner the state.
As part of its regional integration agenda, the governor said that Oyo was partnering Lagos State on reforms that would significantly enhance its internally revenue generation.