NAN-HE-3
Investments
Osogbo, Sept. 20, 2016 (NAN) Alhaji Bola Oyebamiji, the Managing Director of Osun State Investments Company, on Tuesday said the state was now investing in diverse areas to broaden its revenue sources.
Oyebamiji, who spoke with the News Agency of Nigeria (NAN) in Osogbo, said the new drive became important in view of the current economic realities in Nigeria.
He said Gov. Rauf Aregbesola was now committed to creating alternative sources of revenue as the federal monthly allocations to states had continued to decrease abysmally.
The former banker said that about 1,500 hectares of land had been acquired for cocoa plantation at Igbo-Ifa in Obokun Local Government in Iwo.
He said that several multi-million naira property were also being acquired in major cities of Nigeria to generate revenue for the state through rents.
“Our company has estates spread all over the country with 34 three-bedroom apartments in Lagos, 14 flats in Abuja and another 19 flats in Ikoyi, Lagos.
“We also identified large scale cultivation of cocoa and palm trees as a long-term panacea to the dwindling economic fortunes of Osun.
“The state has what it takes to revive its economy if cocoa and oil palm cultivation is embraced.
“Cocoa and oil palm cultivation has comparative advantage over other crops, coupled with mixed cropping system that helps to sustain farmers before the harvest of cash crops.
“Until Nigerians are able to produce the substantial part of what we consume, our economy will continue to dwindle,” Oyebamiji said.
The company managing director said that the company was planning to establish a petroleum refinery to be located at Dagbolu in Olorunda local Government area of the state. (NAN)
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Edited by Razak Owolabi and controlled by Tajudeen Atitebi