Nigeria’s economy vulnerable —Aregbesola

Osun State Governor, Ogbeni Rauf Aregbesola
| credits: File copy

The governor of the State of Osun, Mr. Rauf Aregbesola, has warned of a possible total crash of the nation’s economy if nothing is done about its dependency on oil.

Aregbesola said this in Osogbo on Friday, while playing host to the executive of the National Union of Banks, Insurance and Financial Institution Employees, who converged on the state for its second quarterly meeting.

The governor said unless the nation returned to agriculture and sustainable production chain, hopes of economic prosperity was remote.

He stated that until the country diversified from the present mono-product economy with its heavy reliance on oil and develops means of producing locally, the country’s economy would depend on western economy for survival.

Aregbesola said, “We are a consuming nation. We live on rents and commissions. Until we develop our local production and produce what we consume locally, our economy will not only be dependent but also weak.”

He told the NUBIFE executive that the current increase in unemployment and threat to jobs are direct corollaries of the vulnerable economy of the country, which he said involved the whole world and not Nigeria alone.

In his response, the President of NUBIFE, Mr. Sunday Salako, said his team were in Osun to learn how things were working despite the nationwide economic crisis and increasing wave of job cuts by government and corporate organisations.

“Our banks are now being threatened through job cuts. We have lost over 5, 000 of our members to job cuts in the last one year. Your formula for job creation should be revealed to other governors so that they can replicate it in their respective states,” he said.

Meanwhile, the Peoples Democratic Party has faulted Aregbesola over the appointment of a former Commissioner for Tourism, Lagos State, Senator Tokunbo Afikuyomi, as technical consultant to Osun Local Government Creation Committee.

A statement by the Chairman, Osun PDP, Mr. Gani Olaoluwa, on Saturday, said the appointment of Afikuyomi, a Lagos indigene, was an insult to the people of Osun State.

According to Olaoluwa, some commissioners and special advisers appointed by Aregbesola are Lagos indigenes, who cannot identify Osun communities.

He said, “Aregbesola has not stopped amusing right-thinking indigenes of Osun as he continues to undermine the sovereignty of the state.

“Long before he assumed office, Aregbesola had described Osun as an annex of Lagos State. He is acting out the script to the letter now.

“Aregbesola only wants to give jobs to the boys; this is why he is giving jobs to Afikuyomi and other Lagos-based politicians.”

The Director, Research, Strategy and Publicity, Action Congress of Nigeria, Mr. Kunle Oyatomi, however, said the PDP should not be dignified with a reply.

He said, “The PDP sacrificed competence for mediocrity and they want the ACN to continue in that manner. No, we will not. The United States is one of the strongest nations in the world because of its diversity.”

“What is wrong with appointing a competent hand as technical consultant to the committee? It is childish to say only Osun people should be appointed in Osun.”