ECONOMIC DIVERSIFICATION AS PANACEA TO ECONOMIC STABILITY: THE MADE-IN-ABA EXAMPLE.
Posted by FN Editor | 3 years ago | 671 times
By Kingsley Maduforo
The governor of Abia State, Okezie Victor Ikpeazu (PhD), after considering the economic realities of the country occasioned by the fall in oil price and unseen element(s), took a drastic steps on assumption of office in 2015 towards diversifying the state economy as a way of salvaging its ailing economy.
These steps gave birth to the establishment of Abia State Economic Advancement Team and the Office of Aba Urban Renewal in the state. The former had the responsibility of producing a new economic blueprint for the state, instituting new economic initiatives, setting agenda and drawing the economic roadmap for the new administration and driving the new IGR methodologies, while the later was to drive the new efforts towards the infrastructural renewal of the city, ensure that Aba is transformed to a city of basic modern amenities, to restore order and sanity in building of shops, kiosk, office, and residential buildings, and drive the new programmes towards the park reform and finally to initiate modalities of making Aba the SME capital of Nigeria.
It is now six years plus, what has changed?
In its effort towards addressing the dilapidated road network which it met across the state, especially Aba, the ancient city and the commercial hub of the state, the Ikpeazu-led administration has completed and commissioned 124 roads across the state while work is ongoing in many others. The governor within this period has revived local industries and boost the I-can-do spirit of an average Abian as enablers of economic growth and stability.
The Governor believes that diversifying the state economy is a better way of salvaging the economic crisis. Indeed, this is the best time for local industries in the state and surely, it is paying off well for them. The governor has encouraged the local industries in the state by developing the sector with advanced equipment as a way of promoting the patronage of Made-in-Aba products.
Gov. Ikpeazu as the chief marketer of the Made-in-Aba brand uses every single opportunity to preach the gospel of the good quality products coming out from Aba. In six years of this present administration, Abians and people outside the state have witnessed the successive Aba Fashion Show organized both in and outside the country as a way of promoting and marketing the Aba brand.
Aba as at today remains the SME capital of Nigeria. This great feat was made possible due to the aggressive marketing of Made-in-Aba products by the current administration. The total functioning of Enyimba Automated Shoe Factory and the coming of Garment Factory, remains a booster to Gov. Ikpeazu's industrialization agenda.
Ikpeazu is changing the economic narratives of Abia State with his functional economic policies that created the conducive environment for small scale businesses to thrive. His Economic Advancement Team, with his approach towards governance, has stabilized the state economy for this six years plus.
Abia State under Gov. Okezie Ikpeazu, has also harnessed the power of e-commerce for economic growth and it's sustainability. His government is spreading its net, analyzing the impact of the digital economy to help sustain the economic development of the state.
E-commerce provides new opportunities, new markets and a powerful drive for economic growth, inclusive trade, job creation, which address the challenges of unemployment and poverty. With the rapid improvement in the Made-in-Aba brand especially in quality, more awareness and popularity, e-commerce is another vital tool used in achieving the economic agenda.
Finally, Public Private Partnership (PPP) is not left out by this present administration in its quest for economic growth. Of a truth, Public Private Partnership investments in the state have increased and consequently opened up new business opportunities that broadened the productive base of the state. The governor of Abia State, Dr. Okezie Ikpeazu, is harnessing all revenues and machanism to actualize his desired dream for the state.
Kingsley Maduforo writes from Umuahia.
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