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With the return of the Oyo International Trade Fair after 15 years, Oyo State governor, ‘Seyi Makinde, on Monday, declared that all hands must be on deck to repair the economy rather than trade blame.
The governor maintained that one of the ways to achieve such repair is for the country to shift its focus to export instead of import substitution, noting that developing an export market rather than focusing on producing for local consumption will help in improving the economy and the currency of the country.
Governor Makinde speaking at the Oyo State International Trade Fair known as “EXPOYO 2024, themed, “Showcasing the Economic Potentials of Oyo State Through Agriculture, Micro Small and Medium Enterprises” noted that his government remained open to bringing prosperity to the state.
Makinde noted that though people argue that allocations from the Federal Accounts Allocation Committee (FAAC) have doubled, states only have 26 per cent of the allocations and that all stakeholders must work together to bring Nigerians out of the current hardship.
The EXPOYO fair which will now be an annual event, has just been resuscitated and has been breaking new ground in expanding the state’s economy.
“It is my pleasure to be here to declare open the International Trade Fair EXPOYO 2024, and I want to assure this gathering that it will be an annual event. This is a very tough period for us as a country. Economically, things are not going the way we want but this is not the time to give up. It is the time to look at opportunities because opportunities are always lurking in the corner when there are challenges.
“For us in Oyo State, we are not giving up. I can see notable industrialists here. It is about time we changed our orientation. People will talk about what we produce in Nigeria and showcase the economic potential of Oyo State. We are not interested only in things that we will consume locally in Oyo State. Import substitution means you are looking at only your market. Export orientation means we want to produce here sell to the world and earn the necessary foreign exchange.
“For us here, it is a challenge for OYCCIMA and the industrialists in our midst. We must develop our export market and attract foreigners so that, in the years to come, this exhibition will become truly international. As for OYCCIMA, we have a conducive atmosphere not just for exhibition but for trade and industrialisation. We want to attract investments to Oyo State.
“It is not acceptable to me or any of us here that a state, which is 120km away from here, is generating over N65 billion every month in IGR and we are struggling to generate N4 billion monthly.”
While promising a conducive environment for trade and industrialisation to attract investors to the state, he charged OYCCIMA to also attract foreign investors so that the fair would become international in the years to come.
The Commissioner, Ministry of Trade, Industry, Investment and Cooperatives, Ademola Ojo, said Governor Makinde has been expanding the economy of Oyo State by working in concert with the players in the private sector and leveraging the state’s potential to move the state forward.
He urged the people of the state to be part of the epoch-making fair and equally assured that Makinde’s administration’s policies will continue to enhance the ease of doing business in the state.
The President, of Oyo State Chamber of Commerce, Industry, Mines and Agriculture, Daniel Gbadero, appreciated Governor Makinde for his exceptional economic transformation agenda and his support towards the success of the “EXPOYO 2024.”
BADEJO ADEMUYIWA has 23 years experience as a Finance Writer, specialising in Insurance and Investigative Reporting.
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