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Create jobs from solid minerals, BOI urges Osun

By on May 27, 2015

The Managing Director of the Bank of Industry Limited, Mr. Rasheed Olaoluwa, has called on the Osun State Government to explore solid minerals as well as opportunities available in agriculture to create jobs and boost the economy of the state.

Olaoluwa said this in his speech at the inauguration of a branch of BoI in Osogbo on Monday.

The MD said that the state was blessed with opportunities which if well explored, could help to develop its economy.

He said, “ Osun State is blessed with fertile arable land, with resultant abundance of rich agricultural produce like cassava, palm oil, maize, yam, timber and cocoa, while it also has a huge repository of solid minerals like granite, feldspar, columbite and gold to mention but a few.

“These resources, when harnessed will go a long way in projecting and uplifting the economy of the state and by extension, the country at large through employment creation, value addition and growth in the gross domestic product.”

Olaoluwa commended the Osun Youth Empowerment Scheme introduced by Governor Rauf Aregbesola administration, saying it was a good initiative which had continued to receive applause around the world.

He said the scheme had afforded some youths the opportunities to be trained adding that they had become useful to themselves and the society.

“I am pleased to note that this programme is designed to train youths in various technical and vocational skills that will make them self-employed and ultimately employers of labour.

“It is gratifying to note that the initiative has also earned global recognition by the World Bank which has described it as an admirable model for incorporating the work component into western social security system,” he said.

Speaking about the impact the bank would have on the economy, the BoI boss stated that it had embarked on an initiative aimed at providing financial and business support for entrepreneurs throughout the country.

Aregbesola, who was represented at the ceremony by his deputy, Mrs. Titi Laoye-Tomori, stated that the spirit of entrepreneurship must be supported for meaningful investment and self employment to be embraced by the people .

He says that Life Academy established by his administration offers short-term and special training for all categories of people who seek alternative competences irrespective of their age and level of literacy.

The governor said his administration deliberately made policies to spur employment generation listing the Omoluabi Garment Factory at Abere and RLG computer factory at Ilesa as some of the factories already established.

Aregbesola, also advised the Federal Government to diversify the nation’s economy and shift from focusing only on petroleum.

He said, “ May I observe that the time to diversify the nation’s economy through an aggressive industrialisation drive is now. This is the direction to go if we are to free ourselves from the shackles of economic stagnation and the dire consequences occasioned by crash in the price of petroleum.”