The Federal Government has signified its continued support for various economic initiatives put in place by Ogun State Government to diversify the economy, towards ensuring economic sustainability and job security.
A Commissioner in the Revenue Mobilisation Allocation and Fiscal Commission, Barr. Patrick Mgbebi made this known during the Commission’s assessment tour of completed and ongoing infrastructural, housing, and agricultural projects; such as the Odeda Farm Settlement, Kemta Prince Court Housing Estate, Adatan-Gbonogun Road, Abeokuta-Sagamu Interchange Road and the Kobape Housing Estate.
Barr. Mgbebi submitted that as a result of the effects of COVID-19 pandemic and progressive decline in crude oil price in year 2020, diversification of the economy into non-oil sector and revenue resources became imperative for the country and the State, to provide the necessary social amenities for the people.
He noted that the Federal Government was poised to ensure that all States initiate programmes and policies geared towards diversifying their economies, to boost Internally Generated Revenue and forestall over-dependence on the monthly Federal Allocation, assuring that such moves would always receive its support.
“What I have seen today is really in tandem with our idea of diversifying the economy. Housing is very important to the people, as well as a vital source of revenue generation. On Agriculture, I am really impressed with what I have seen at the Odeda Farm Institute. The fish pond alone is massive and if well utilised, will provide food security and employment generation.
“The various ongoing road networks are vital to the diversification drive, as it will not only attract local and foreign investors, but will also enable farmers to move their produce to different locations with ease”, he said.