By using this site, you agree to the Privacy Policy and Terms & Conditions.
Accept
Okay.ngOkay.ngOkay.ng
Font ResizerAa
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Reading: How Nigeria Can Get Out of Economic Recession – Aregbesola
Share
Font ResizerAa
Okay.ngOkay.ng
  • News
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Search
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Follow US
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
© OKN MEDIA PUBLISHING 2022 - All rights reserved
News

How Nigeria Can Get Out of Economic Recession – Aregbesola

Farouk Mohammed
By Farouk Mohammed
Published: October 23, 2016
Share
4 Min Read
SHARE

Aregbesola

Osun State Governor listed ways for Nigeria to get out of the current economic recession.

ogbeni-rauf-aregbesola-12_Fotor-1024x683-1-1024x683-1024x683-1-1024x683

Contents
AregbesolaOsun State Governor listed ways for Nigeria to get out of the current economic recession.

Aregbesola spoke at the weekend during the first anniversary and first annual lecture of The Point Newspapers held at the Eko Hotel, Lagos.

At the lecture with the theme, The Economics of Change, the governor said Nigeria must cut its dependence on foreign goods, increase local production and enhance entrepreneurship, adding these would help save the local currency which currently carries too much pressure.

Aregbesola expressed regrets that despite the huge opportunities in sectors such as agriculture, manufacturing, Nigeria has failed to make use of the opportunities.

- Advertisement -

Also at the event were the Emir of Kano, Dr. Sanusi Lamido, Sanusi, Alake of Egbaland, Oba Adedotun Aremu Gbadebo.

The governor said it was disheartening that Nigeria depends too much of foreign foods which is killing agriculture.

He said, “We should also cut the importation of food to less than 25 per cent of the current volume. This is to enable us develop agriculture. It has been the policy of our administration since day one to promote food production in order to be able to feed our people. It is really shameful that in spite of our endowments in natural resources, we are still dependent on imported food items as a nation.”

The Governor queried why Nigerians should continue to rely on buying and selling noting that Nigeria’s investors have short ends of the sticks. He added, “The most successful and leading enterprises in the country are owned largely by foreigners, with our people being minority shareholders. A system where it is easier to prosper and succeed in business through buying and selling is inherently anti-development. Entrepreneurship training should be part of education at all levels.”

- Advertisement -

Harping on agriculture, Aregbesola said farming should now be knowledge-based adding “There must also be a transition from producer of primary goods to value adding. Adding values create a value chain that increases the momentum of development.”

He explained that the value of one kilogramme of cocoa beans Nigeria exports is multiplied 5,000 times by the time it imports it as chocolate.

“If we can make the same quality of chocolate, we could have earned 5,000 times the value we derive from cocoa beans in a value chain that includes revenue generation, wealth creation, job creation and spiralling effect of developing ancillary industries around this product.

The governor gave the instance of the disappearance of tyres manufacturing companies in Nigeria lamenting that with the huge number of tyres needed in Nigeria, no single tyre is manufactured in the country.

“By importing, we are simply developing the economies of the nations we buy from through job creation, value chain maintenance, capacity for product development and other spin off effects of production.

“You can imagine that there are seven million vehicles on our roads and we do not produce a single tyre for them. If the average lifespan of a tyre is three years, then every three years, we need 28 million tyres, working on the assumption that an average car has four wheels. We must then find a way to import 28 million new or used tyres. We can imagine what effect it would have on our economy if we produce just half of these tyres at home.

Stay Updated on the Go with Our Latest News—Join Our WhatsApp Channel Now!
TAGGED:aregbesolaEconomicEconomic Recession
Share This Article
Facebook Whatsapp Whatsapp Telegram Email Copy Link Print
ByFarouk Mohammed
Publisher
Follow:
Farouk Mohammed is a Head Editor at Okay Nigeria (Okay.ng). He has been publishing for 10 years and focused more on Local/World News on Okay.ng
Previous Article Starting Lineup: Chelsea vs Manchester United – Premier League
Next Article DJ Khaled And His Fiance Welcome First Child

Connect with Okay on Social

FacebookLike
XFollow
InstagramFollow
TelegramFollow

Dollar/Naira Rates

Dollar to Naira Exchange Rate

Okay.ng Logo
Buy Rate ₦1,605.00
Sell Rate ₦1,620.00

Last updated: 4 days ago (June 3, 2025 2:33 pm)

Displayed rates are for informational purposes only and are subject to change.

USD/NGN Converter

- Advertisement -
- Advertisement -
Ad imageAd image
- Advertisement -
Ad imageAd image

Recent Posts

Tinubu Urged by PDP to Cut Fuel and Electricity Costs Amid Eid-el-Kabir Festivities
News
Mike Ejeagha
Mike Ejeagha, Nigerian Highlife Maestro, Dies at 95
News
Tinubu Welcomes Gov Eno to APC as Political Realignments Intensify Across States
Politics Top stories
Super Eagles Rally to Draw Against Russia in International Friendly
Sport
Manchester United Raises Annual Core Profit Forecast to Between £180m and £190m After Europa League Boost
Sport
- Advertisement -
Ad imageAd image

You May Also Like

Ange Postecoglou
Sport

Tottenham Hotspur Part Ways with Ange Postecoglou Despite Europa League Glory

Yusuf Abubakar
Yusuf Abubakar
June 6, 2025
News

Dangote Names Main Refinery Access Road “Bola Ahmed Tinubu Road” in Honor of President

Muhammad A. Aliyu
Muhammad A. Aliyu
June 6, 2025
L-R: Ify Okoye, Digital Creator; Linda Ejiofor-Suleiman, Actress; Stella Erebor, Head Internal Audit, Nigerian Communications Commission; Emanuella Samuel, Comedienne/Actress, Sylvia Musalagani, Safety Policy Manager, Africa, Middle East & Turkey (AMET), Meta, and Nicole Chikwe, founder of The Mummy Summit, during the launch of Instagram teen accounts in Lagos on Wednesday, June 4, 2025
Tech

Meta Launches Teen Accounts on Instagram in Nigeria to Enhance Online Safety for Young Users

Farouk Mohammed
Farouk Mohammed
June 6, 2025
Okay.ngOkay.ng
Follow US
© OKN MEDIA PUBLISHING 2025 - All rights reserved
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
adbanner
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?