A closer look at the economics of Ajadi for Ogun

Economic Diversification of Ogun is one important issue on the agenda of Olufemi Ajadi even with the 2023 general election inching closer by the day.

In fact, it has become necessary to beam a closer searchlight on the main contenders in the election and their economic cum political agendas.

In this writeup, we focus on a point of interest in the political manifesto of Ambassador Olufemi Ajadi Oguntoyinbo, of the New Nigeria People’s Party (NNPP)

Background

It is instructive to note that although Ambassador Ajadi has become a strong contender in the race to Oke Mosan, the Ogun seat of political power, his initial quest was for the presidency of the nation.

He was however persuaded as it were by party elders to shelve his presidential ambition to come for a rescue mission of his dear state. And since then, Ajadi, an entrepreneur, show business promoter, and sporting philanthropist amongst others, accepted the call for rescue by his party, and he had not looked back.

A man who wants to lead by example has traversed territories, embarked on wide consultations within and beyond the state, studied leadership styles, and set up different think tanks with the sole purpose of bringing out the best for the state. Economic Diversification of Ogun is thus dear to his heart.

A fallout of that wide consultation is the unveiling of a ten-point agenda that touches the different key sectors of the Ogun economy, having incorporated economic diversification through enterprise development.

The economic diversification arm of that manifesto is the subject of this discourse, while the other aspects would form the subject of analysis in subsequent write-ups.

With over 6 billion population, and a strategic location, close to the country’s most industrialized state, Lagos, Ogun state is indeed an important state in the country.

It is home to some of the finest intellectuals Nigeria has produced and in fact, some of its past national leaders. Its tag of the Gateway state is both a heritage and a call to action.

The beautiful side to it however is that the state has been blessed naturally with resources like limestone, chalk, phosphates, and clay kaolin. Agricultural endowments include Cocoa, kola nuts, rubber, palm oil and palm kernels, tobacco, cotton, and timber.

With favorable vegetation and fertile soil, the equation seems complete for a total economic renaissance, the only remaining factor being human resource management, which Ajadi himself, backed by a team of technocrats and experienced professionals from different walks of life is ready to provide.

Economic Diversification of Ogun through Enterprise development

Economic Diversification of Ogun the way Ajadi envisions it is anchored on infrastructure to enable the environment for entrepreneurship to thrive. Under focus are the provision of stable electricity, motorable roads, and rehabilitation of existing ones that are in poor condition. It includes the provision of pipe-borne water, the introduction of tax rebates in critical sectors, the provision of export incentives as well a reduction in the number of taxes payable by manufacturing companies.

Long before now, Ajadi’s think Tank has negotiated a relationship with some South East Asian countries, and studied models of poverty alleviation in China, for example, the industrial revolution in Singapore, etc for the purpose of collaborating in due time.

Bringing it closer home, the man himself said: “We will put every necessary measure in place towards the commercial exploitation of the different solid minerals scattered in the different local governments of our state.

“Effective harnessing of the above will ensure increased income generation.

“With the provision of basic infrastructures like electricity, water and roads, these enterprises would be able to do their jobs, increase output, employ more hands and reduce dependence on imported items.

“Beyond that, they would be able to take their products to the markets where they would be sold”, Ajadi said.

On the long run, the economic value of individuals would have been enhanced, more products of need would have been produced, and income would increase for both individuals, companies and the state, and the entire manufacturing value chain in the state would have been revitalized.

With proximity to Lagos and land links with other countries, the Economic Diversification of Ogun is certain. Dependence on smuggling, which he said is harming both the economy and its people, would be out of the question.

“Some of the things being smuggled into the state can be produced by our people, thereby creating more jobs and income. We will provide necessary things for those things to grow here”.

“We are already working of youth and women programmes, two important sectors for economic development.”

According to the agenda, keeping youths and women busy also helps to drive petty crimes. And that endowment in agriculture would make this aspect of his manifesto succeed.

Everything is predicated on the availability of infrastructure.

“We will provide incentives for agriculture to let them embrace it. That would keep them busy and put money in their pockets so that they can run businesses of their own”, he said.

On infrastructure, he mentioned neighborhoods like Mowe, Ibafo, Sango, and Akute, which he said are either hosting some manufacturing firms or have the capacity, but bemoaned the sheer lack of roads in most of those places.

He said the Economic Diversification of Ogun is possible as such neighborhoods have been captured in his infrastructure renewal program, for multiple benefits.

When companies provide their own electricity, roads, and water for example, they put the cost on the prices of their products and services, who suffers? It is the consumers, the people.

“But when such things have been provided by the government, cost of doing business will reduce and the price of product will also fall.

“That is part of what our agenda will tackle,” Ajadi reiterated.