By Olabode Jegede
Osun State Governor, Adegboyega Oyetola, has urged investors to invest in the state as his administration is poised to focused on economy inclusiveness, diversification and sustainable growth.
Oyetola, who visited the Nigerian Stock Exchange (NSE), in Lagos for the Facts Behind the State Economy on Thursday, expressed his administration’s readiness to continue to open up business opportunities, attract investments and create more wealth for the state.
He noted that his administration has placed priority on diversifying income sources by putting the right structures in place to sustain development.
According to him, “We want to open up another opportunity which has existed before but declined due to fall in oil price and other factors.
“We are ready to revitalise it in order to alleviate Lagos congestion and traffic to propel the nation’s economic growth.”
He said as part of its efforts to reposition Osun state and give it a platform, his administration had adopted a nine-year developmental plan, from 2019 to 2028.
According to him, the plan, which is anchored on four pillars, will help the state achieve full potential, especially in the areas of infrastructure development and investment inflow.
Furthermore, the CEO, NSE, Oscar Onyema, applauded governor Oyetola leadership and efforts at revitalizing the Education, Mining, Agriculture, Textile and Tourism sectors in the State.
He stated that Oyetola’s passion for excellence, dedication to promoting the people of the State and revitalising moribund projects across the state has been recognized globally.
According to Onyema, “We specifically commend the State Government on the execution of a partnership agreement with the Federal Government to develop Gold mining potentials of the state.
“We also acknowledge His Excellency’s efforts in this area as we trust that this would improve internally generated revenues (IGR) and ramp up jobs creation opportunities for the benefit of the people of the State.
“To build a sustainable economy for the estimated 4.31 million citizens of Osun, supported by vibrant sectors and diverse enterprises, both state owned and private sector enterprises will require access to right sized capital.
Accordingly, our capital market platform is geared at attracting investors towards all the sectors of the economy whilst catering for small, medium and large businesses represented on the various boards of the Nigerian Stock Exchange.
“These boards include: The Premium, Main and Growth Boards – The Growth Board is specifically designed to support emerging companies with high growth potential in Nigeria.”
Onyema expressed excitement by the passion demonstrated by the Government and people of the State towards building a sustainable economy and moving the state from a civil service state to a regional commercial and industrial hub.
He emphasized the commitment is demonstrated by the proposed Osun Economic and Investment Summit scheduled to hold later this month, with the primary aim of emphasizing the State’s Developmental Agenda of sustainably repositioning the State economy and delivering prosperity to all Osun people.
“The State Government shall be looking inward to grow the immense economic potential as well showcase Osun as a strategic location for industrialization.
“This is going to be a paradigm shift in the economy as it has strategically positioned to explore its mining assets which if properly harnessed can help boost the economic potentials of the state.
“The Government is also looking to revitalize the tourism sector through exploration of the economic potentials at Osun Grove, Olumirin Waterfalls, Opa Oranmiyan tourist site to mention a few.
However, Onyema recommended the consideration of Capital Market solutions by way of Debt & Equity instruments for the re-capitalization and revitalization of these institutions for optimum capacity utilization and investment returns. Examples of such institutions are; Omoluabi Mineral Promotions Company and The MKO Abiola Airport project.
“We recognize that the ambitions of the State and capital market are inextricably linked. Your Excellency would recall that we have made a case for the role of the Nigerian Stock Exchange in State Economic Development, at both the National Economic Council and the Nigerian Governors’ Forum.”
He stressed the partnership with the State and its agencies to achieve the benefits of privatisation of its state-owned enterprises and other initiatives of both entities across various sectors.
He added that NSE is committed to supporting The State of Osun under the leadership of His Excellency.
“We are optimistic that this will further strengthen our collaboration towards advancing the fortunes of State together,” he stressed.