Re-Engineering South-Western Nigeria Economy

Rate this item
(0 votes)

The Yoruba ethnic group, a nation of over 35 million are found in the South Western Region, North Central States of Kogi and Kwara as well as

other places outside Nigeria like Benin Republic, Sierra-Leone, Cuba, Brazil, etc.

They are people bound by a common history originating from Ile-Ife and hospitable playing host to different tribes in their localities. The South-West economy of the past was based on agriculture. Produce such as Cocoa was the mainstay of their economy with a Marketing Board which ensured it's competitiveness in the market. The development of Lagos Da Kuramo started with the Portuguese explorers who named the lagoon (Lagos). The British took over the control of the affairs in 1861 and transformed the fortunes of the territory. With the amalgamation of the former Northern and Southern Protectorates in 1914, Lagos became the new capital and economic nerve centre of Nigeria.

Lagos controls about 40 percent of Nigeria's GDP and is positioning itself to become Africa's Financial Centre.
To tap into the opportunities the future will present the following should be done.

1. Create Technology Parks:
Technology Parks should be created at Ota, Ogbomoso, Remo, Ijebu, Ibadan, Akure, Ado-Ekiti, Ile-Ife where research from the tertiary institutions located in these cities will be commercialized.

2. Establish Industrial Parks:
Industrial Parks should be established in communities where agricultural and solid mineral resources abound. They will engage in processing the resources

3. Build Technology Incubation Centres:
Technology Incubation Centres should be established where youths with specific skills will mentored on how to build a business around it in line with modern technologies.

4. Ease the Cost of Doing Business:
The Cost of Doing Business should be eased. Startups should be granted tax holidays for the first few years until they start earning profit. Businesses
should be set up within 24 hours and multiple taxes should be abolished.

5. Infrastructural Development:
Renewable energy technologies and ecofriendly innovative building and maintenance strategies should be implemented.

Read 3662 times
Nnamdi Odumody

He is an entrepreneur who is very passionate about the transformation of Nigeria & Africa through Entrepreneurship and Innovation.

Leave a comment

Make sure you enter the (*) required information where indicated. HTML code is not allowed.