Monday, February 1, 2016 4:38 pm
The admittance of Lagos, Nigeria into the Oodua Investment Company Limited, a compnay co-owned by the various states in the South-western part of the country will boost regional integration and increase the pace of economic development in the region, Mufutau Egberongbe, a former lawmaker in the state, has said.
Egberongbe, who is currently the Special Adviser to Speaker Mudashiru Obasa of the Lagos State House of Assembly, told our correspondent that the entrance of Lagos into the company is mutually beneficial to the states in the South-western part of the country.
“It would accelerate the pace of growth and development of the region and fast-track the region’s integration,” he said.
Egberongbe further noted that this growth and development which the region desperately yearns for must be irrespective of political inclinations and considerations.
“The growth and development of the region should supersede political leanings especially now that Nigeria is having effect of oil price slide,” he stated.
According to the former lawmaker, the good financial rating of Lagos in the global economic market will assist in the growth and development of the Oodua Investment Company.
In this regard, he said the idea would foster comparative advantage where states would provide what they have for the general development of the region.
For example, he said: “Osun would continue to give us enough food, Ondo would provide us with various mineral resources that can be tapped while the finances can be sourced from Lagos.
“With the pace and standard set by Lagos in terms of infrastructural growth and development, the integration is a quick one. It would make it easy for other states to pursue Lagos and effectively implement a system of rail transportation, boost our agricultural production; parts of Ijebu up to Oyo State has rubber and cotton.
“This is a welcome idea and I commend the Governor Akinwunmi Ambode for this move.”
Governor Olusegun Mimiko of Ondo State recently stated that the company was being re-strategized while some relevant far-reaching decisions to reposition it and boost its economic base in line with the global economic trends were being taken.
He added that the owner state governors have approved a five year strategic economic plan to grow the revenue base of the company from N4 billion to N20 billion.