Southwest Regional Economic Integration Not Complete Without Lagos

nigeriaConcerned individuals from the Southwest are still responding to the recent entry of Lagos State into the regional business outfit, Oodua Investment Group. While many said the action would drive the socio economic integration of the area, others are of the opinion that with all the inclusion of Lagos, the dream supporting the investment company has just come true, as the group was never Lagos state whole without the state.

Special Adviser to Governor of Lagos State on overseas affairs and investment, (Lagos Global), Professor Abass http://africa.kplaces.com Adewole said it took a while for Lagos to join the group because it used to be the Federal capital territory (FCT), so it could not be seen as a Yoruba state until the FCT was moved to Abuja. Additionally, it wasn't a priority for preceding governments.

Many have welcomed the idea with great excitement. Some believe Oodu'a is finally complete with the inclusion of Lagos State. It is seen by others as a mutually beneficial relationship.

«The admission of Lagos into the group is not only a promotion for the state, but also the completion of Oodu'a itself. I'm joyful that Lagos has finally joined the Oodu'a group, which can now say it is whole. Using a population of about 22million individuals, and N136b GDP, and the reality that 95 percent of foreign direct investment (FDI) comes to Lagos, the state is anticipated to be a heart. We're expecting that other Southwest states can begin thinking of regional infrastructural development. Like it is completed in Europe and a few other countries, there is need for regional transportation system between member states. And today the circle is finished, it's going to make things simpler. Additionally, there's demand to get a central educational system in even health infrastructure and the region, which will become more easy to create. The benefits are enormous; states will even have the capacity to latch to their development ability, because of the drive and agenda for several members of the area,» he said.

For the Director General of Development Agenda for Western Nigeria Commission (MORNING), Mr. Oladipo Famakinwa, synergy for improvement is significant for Oodua states, notably in terms of economies of scale and investment.

«Lagos will come on board to synergize and fortify what's on ground to improve the firm's fortunes. The dynamics of state building is one of the reasons why it took so long for it to happen. Some things occur early, but others happen after because it takes force of character consultation and political will for this to happen. DAYBREAK is a programme management body for the actualisation of regional integration agenda.

Chairman of Oodu'a Group, Dr. Isaac Akintade, said the listing of Lagos in Oodua Group comes with huge prospects for all the parties involved.

nigeriaAccording to him, there is a whole lot to get in terms of economy, culture, social interactions and strategic partnership among others.

Akintade clarified that evaluation of assets to decide the new shareholding structure procedure and the worth is continuing.

»What we are now doing is to evaluate all Oodu'an assets to ascertain the overall value. It is going to be with what Lagos brought into it, which will be shared evenly divided evenly. Economically, we've got numerous investments in Lagos, and it's also likely to form economic bloc since there are a lot of things we can do together for combined regional development," he said.

The group Managing Director and Chief Executive Officer of Oodua Investment group, Mr. Adewale Raji, said Oodua investment group wasn't a whole thing because of Lagos State's absence, which he said was once in the group up till the development of states in 1967, noting that its entrance was merely a repeat of history.

«Taking a step back into history, what currently is geographically called Lagos State was all part of Western Region, before the creation of States in 1967. Subsequently, Western Region started from Jibowu, Yaba and comprises all of that which we realize as old Ikeja, Epe and Ikorodu Sections. The truth is the entire Ikeja Industrial Estates around Oba Akran Avenue, Adeniyi Jones and Ogba were developments of the then Western Region government in their geographical jurisdiction. In essence, the rejoining of Lagos State and accepting them it back into Oodua Group is clearly a repeat of history,» he said.

On the anticipated impact of Lagos in the group, he said, «We look forward to great changes with Lagos State joining Oodua. The scale of synergy that individuals mean to reach is geometric rather than arithmetic. Our membership can be six from five and the expectations of stakeholders and the owner states are that we are not seeking an economic and societal effect of six, but that of 20 and much more. Extensive complementarities of the six states are anticipated. The commercial and fiscal muscles of Lagos will Nigerian strengthen Oodua Group to play optimally on scale and a regional basis. Lagos will bring increased ability and possibly added drive and vigour to the Group.

»Lagos is the commercial heart of Nigeria and its own membership of Oodua Group allows us to take regional integration as the basis of our strategic thrust. In our strategic planning, the whole South West region as well as the comparative advantages of its constituent states will be predominant. Lagos, with economic foundation that is vibrant and its enormous population, needs support of the whole area in several crucial areas, particularly the adjoining states for complimentary infrastructural development on transport, housing, food supply, etc. Basically, you can find mutual gains accruing to Lagos and other Oodua states with this particular development."

On the probability of forming a regional economic block, using Oodua group, Raji said there would be emergence of a regional economic block, as an effect of the approval of Lagos into the group, including that economic development would be hastened with sustainable impact.

Oodu'an Investment Company Limited, also understood, as Oodu'a Group is a conglomerate with diversified subsidiaries, which include Cocoa Industries Limited in Ikeja, Epe Plywood Industries Limited and Oodu'a Print and publishing Co. Ltd. The Group holds positions in Nigerite Ltd. and Lafarge Cement WAPCO Plc. Oodu'a Group can be a player in the hospitality industry in Nigeria with hotels such as Premier, Lagos Airport Hotel Ikeja and Lafia Resorts both in Ibadan among others.

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