The governor of Osun State, Ogbeni Rauf Aregbesola, has warned of a possible total crash of the nation’s economy if nothing is done on the its dependency on oil.
Aregbesola sounded this warning in Osogbo, the state capital yesterday while playing host to the executive of the National Association of Banks, Insurance and Financial Institutions (NUBIFE), who converged on the state for its 2nd quarterly meeting.
The governor lamented what he described as rent economic system the nation is practising, saying unless the nation returns to agriculture and sustainable production chain, hopes of economic prosperity remains remote.
He stated that until the country diversifies from the present mono-economic product of heavy reliance on oil and develops means of producing locally, the country’s economy would depend on western economy to survival.
Aregbesola said: “We are a consuming nation. We live on rents and commissions. Until we develop our local production and produce what we consume locally, our economy will not only be dependent but also weak.”