BY KINGSLEY MADUFORO
Abia State government under the leadership of Gov. Okezie Ikpeazu is not shaken by the present economic recession obstructing development in the 36 States of the Federation.
It could be traced to the globalization and consequent liberalization of many Third World economies in the twilight of the 20th century.
The recession being experienced in the Nigeria economy is an outcome of globalization.The worst economic crisis in history that is characterized by dwindling revenue accruing from export trade, low exchange rate and consequent low purchasing power of the local currency, leading to high inflation rate.
The continued decline in the allocation from the Federation Account has led Gov. Okezie Ikpeazu of Abia State to think outside the box in order to adopt several measures that would boost the State’s internally generated revenue so as to enable it to become viable like other economically buoyant States such as Lagos, Rivers and Kano.
Changing the economic landscape requires a leadership that is proactive, a leadership that understands the dynamics of change and can take responsive actions toward delivering sustainable improvement. To this end, Gov. Ikpeazu has taken drastic steps toward tackling the deteriorating economic activities in the State. He has created an enabling environment and formulated favourable economic policies that are flexible to the entire business community. This has led to the growth of Abia economy.
There is no doubt that Abia State is now making developmental progress due to the fact that its economic climate has been changed by the right-thinking man who is now at the helm of affairs in the State. Truly, the change Abians want is now in place. Gov. Okezie Ikpeazu is indeed making the difference, he has made things to become different in Abia State.
The Governor has expressed profound gratitude to the private sector for partnering with the State Government towards taking the State out of economic recession. The State Government therefore relies heavily on the input of the private sector in its drive towards economic improvement.
For instance, more than 50,000 local shoe and garment makers from the State are to be trained by the Turkish Business Community through a new business partnership deal between the State Government and the Turkish Embassy in Nigeria. This is happening at the same time the foreign government is set to inject millions of dollars into various sectors of the State’s economy. The target is to boost local manufacturing and the industrial base of the State in order to create more job opportunities for the people.
In diversifying the State economy, the place of the private sector is indispensable as it is a key to the growth and development of the State economy. Diversification is no longer an option, it has now become the only hope. That is why the Gov. Ikpeazu-led administration has played its role in creating a conducive climate for businesses to thrive in the State. The Governor on assumption of office quickly tackled the deteriorating macroeconomic environment in the State and restored the confidence of private investors in order to improve the overall economic climate.
Consequently, Gov. Okezie Ikpeazu is working hand in glove with the private sector and local manufacturers towards creating quality and impacting diversification of the State economy which cuts across the three senatorial zones of the State. There is multiple streams of foreign exchange income accruing from the exportation of varieties of value-added products and a fiscal diversification to shore up the contribution from non-oil revenue to the total government revenue by increasing tax receipts with emphasis on expanding the State tax base rather than increasing the tax rate.
To sustain the tempo, Gov. Ikpeazu has called on private investors and Abians in diaspora to come back and invest in the State. There is urgent need to diversify the State’s economy into revenue-yielding sectors such as Agriculture, Trade and Commerce. Gov. Ikpeazu has set a pragmatic and coherent economic agenda that would rescue Abia State from the general national economic quagmire while liberating it from the claws of mono-production.
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