HOW ONDO STATE’S LOCAL ECONOMY CAN COMPETE IN THE GLOBAL MARKET,AKINWALE AKINGBADE TELLS AIYEDATIWA

HOW ONDO STATE’S LOCAL ECONOMY CAN COMPETE IN THE GLOBAL MARKET,AKINWALE AKINGBADE TELLS AIYEDATIWA

Ondo State, located in the Southwestern part of Nigeria ,is endowed with rich agricultural resources,a youthful population,and a variety of mineral deposits.However,like many regions,it faces challenges in harnessing these assets effectively to foster economic growth and withstand global economics fluctuations.Akimwale Akingbade  made this position known while fielding questions from  Journalists on economic prosperity of Ondo State , in Lagos residence penultimate week.

He added that,developing a robust local economy is essential not only for reducing dependence on external markets but also for alleviating poverty,creating jobs,and enhancing overall prosperity.

Akinwale who is the son of Chief JK Akigbade (former Head of Civil Service under Governor Adekunle Ajasin) informed the Ondo State Government led by His Excellency Lucky Orimisan Aiyedatiwa that the below outlines key strategies if implemented can strengthen the local economy of the state with a view to positioning  the state for effective global economic landscape.

According to him the key strategies are;Leveraging on  Agricultural Sector.Agriculure  remains a corner stone of Ondo State’s economy and to capitalize on this sector,the following must be adopted.

Diversification of the Agricultural products by focusing on high-value crops ,such as cocoa ,cashew nuts,palm oil through cultivation,While the state government should equally encourage organic farming with a view to increasing product value,now that the global demand for organic goods rises.

According to him,there should be value chain development,especially in the area of establishment of Processing Plants to negate post-harvest losses and add value to Agricultural products.

He added that training and capacity building for farmers on best practices including agro-ecological farming and sustainable practices is key to economic prosperity of Ondo State.

Akinwale Akingbade who is an IT guru and legal practitioner,said that access to credit and financial support with very low interest rate will expose farmer to modern farming techniques and machinery.

Good networks of roads,infrastructural development,Port development,rail transport system will reduce cost of transportation ,making it easier  to convey goods to markets.

Unhindered energy supply by partnering with the renewable energy firms will attract manufacturing industries and reduce downtime for local businesses,he posited.

He averred that there is a need to establish Industrial Clusters in a designated specific areas for industrial activities,focusing on sectors such as Agro-Processing,Textiles and Technology to foster collaboration and support among local businesses.

He added that supporting Small and Medium Enterprises, (SMEs),create incubators that provide mentorship,funding and training to aspiring entrepreneurs ,fostering innovation and job creation is very crucial.

The IT giant stated that developing programmes  that will attract local and foreign investors,such as tax breaks or grants for businesses  that establish operations in Ondo State.Adding that educational skill development ,a well educated and skilled workforce is also essential to driving local economic development .

Vocational training by collaborating with educational institutions  to provide vocational training ,focusing on technical and entrepreneurship skills,

While research with Universities will foster partnerships between local universities and industries to encourage innovation,research ,commercialization,and technology transfer. He was of opinion also that Community and Social Development,a thriving local economy must also address social issues affecting communities.

He quipped that empowering the women and the ready to work youth in entrepreneurship ,agriculture,and vocational training will enhance their roles in the economic landscape.

Investing in health and wellbeing of the populations are more productive ,therefore,for a productive workforce,their should be prompt medical delivery through medical facilities with the state of the art facilities.

He stated that,there should be  transparent policies ,creation of transparent and business friendly regulatory frameworks that encourage investment and innovation.

While stating that,there a genuine need for stakeholders collaboration,he averred that,public-private sector,the civil society must align efforts towards holistic economic development of the state.

He concluded by saying,Ondo State has the potential to build a resilient local economic challenges,by focusing on agriculture,enhancing infrastructure ,fostering local industries,promoting education,and ensuring good governance ,Ondo State can create a foundation for sustainable economic growth and prosperity.He added these strategies should be implemented in collaborative and inclusive manner,ensuring that the benefits of the economic progress are widely distributed across the population ,thereby enhancing overall quality of life and social stability.