Ajimobi harps on effective use of natural resources | Independent Newspapers Limited
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Ajimobi harps on effective use of natural resources

Posted: Apr 24, 2015 at 8:15 am   /   by   /   comments (0)

By Oladele Ogunsola, Ibadan


Oyo State Governor, Abiola Ajimobi has said that no nation could ever prosper without putting the natural resources at its disposal into effective use through secondary production.

Ajimobi, who spoke in Ibadan on Thursday at the commissioning of the West Regional and Oyo State Offices of the Bank of Industry (BOI), insisted that that it was incontestable that industrialization is the wheel of progress, and that natural resources play important role in the process.

Ajimobi spoke through his deputy, Moses Alake Adeyemo, who represented him at the event.

He lamented that the Nigerian economy had for many years been predicated on weak and volatile pillars held by the oil and gas, despite the abundance of other natural resources such as cocoa, cotton, cereals, solid minerals among others.

He remarked that the industrial sector was yet to take full advantage of value addition and inter and intra-sectoral linkages, adding, “it will therefore be wise for every Nigerian, either individually or collectively to make meaningful contributions towards diversifying our presently mono-cultural economy.

“The mono-cultural economy, which is vulnerable to unfavourable economic policies and challenges in the global market must be diversified to a multifaceted and integrated industrial economy, featuring micro, small, medium and large enterprises”, the governor added.

In his remark, the Managing Director/Chief Executive Officer (MD/CEO) of the bank, Rasheed Olaoluwa disclosed that owing to the existing partnership between the Oyo State Government and the BOI, the bank as at 31st March, 2015 had provided loans in excess of N10 billion to over 80 companies and micro enterprises spread across the state.

Olaoluwa, who disclosed that the bank had been promoting industrialization in the state long before now, said over N18 billion had been so disbursed in the entire South West region outside Lagos.

The BOI boss also recalled that the Oyo State Government signed a Memorandum of Understanding (MoU) with BOI in 2012 which culminated in the establishment of the OYSG/BOI Micro, Small and Medium Enterprises (MSMEs) Matching Fund Scheme to the tune of N1.0 billion.

He expressed happiness with the establishment of physical presence of the bank in the historic city of Ibadan and expected that the development will further deepen the bank’s developmental impact in Oyo State in particular and the South West Region through efficient financial support to real sector operations.

Highlight of the event was the presentation of loan cheques to the beneficiaries of the facility by the bank.