As a result of the persisting economic woes facing the country, the Oyo
State Government has decided to diversify its economy into farming and
mining with a view to improving the financial status of the state. To
ensure a successful diversification of process, the government recently
organised an Agriculture Initiative Stakeholders’ Consultative Forum,
held at the House of Chiefs, Parliament Building, Ibadan, during which
the state governor, Senator Abiola Ajimobi, attributed the pervading
economic woes to the country’s failure to save for a rainy day during
the oil boom, worsened by neglect of agriculture. He disclosed that the
forum was aimed at getting stakeholders in his administration to
diversify the economy of the state through the exploration of
aggressive, all-inclusive and sustainable agricultural value chain.
According to him, the dwindling allocation from the federation
account owing to the fall in the price of crude oil in the international
market had called for massive investment in farming.
“We did not save for the raining day when there was oil boom in the
country. We relied heavily on income from oil. But we have all been
jolted into reality now that a barrel sells for an all-time low of $30.
Nigeria has depended so much on oil which has now lost its value at the
international market. So we have to look for alternative sources of
revenue through aggressive investment in agriculture.
“The fall in oil price has done more good than harm as it has opened
our eyes to the effectiveness of mechanised farming as our saving
grace,” he said. NEWS FROM AROUND THE WORLD.
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