Ambode: Lagos State Governor.

Jethro Ibileke/Benin

Lagos State Governor, Akinwumi Ambode, has said that it would be difficult for the nation to attain economic stability, unless the states are independently viable.

This is even as he decried the over dependence of state governments on the federation account for running their affairs instead of building on their comparative advantages for self-sustainability.

The Governir made the assertion weekend while delivering the convocation lecture of Wellspring University, Benin, Edo State, with the theme: “Recession: Challenges and Recovery Prospects.”

Ambode who was represented at the event by Lagos State Commissioner for Finance, Mr. Akinyemi Ashade, noted that the nation is blessed with human and natural resources which trickle down to the states, adding that if properly harnessed, it would lessen the burden on the federal government and make the component states economically viable.

“The current focus on the center for the economic sustenance of states is not sustainable. Each state, or perhaps more appropriately, region, must figure out its own economic path by focusing on the areas it has comparative advantage and developing it. This calls for hard work by the state governments and thinking outside the box.

“We cannot have a stable economy when the states are not independently viable. Luckily, we are blessed in this country, where arguably, every state of the federation is endowed with natural resources that can make it self-sustainable,” he said.

The Governor therefore advised each state to look inward and focus on its areas of peculiarity and possibly partner other states to achieve a set target.

“Regional collaboration should also be encouraged. A good example is the collaboration between Lagos State and Kebbi State to produce Lake rice which is currently being sold in the market.

According to him, the nation was plunged into recession following the incessant vandalization of oil facilities by militant and the over concentration on crude oil as a major source of revenue instead of diversifying the economic.

“This is the direct consequence of significant economic headwinds following the adverse shock to the oil price that started since mid 2014 and more recently significant production shortages following pipeline vandalism in the Niger Delta region and because oil is the main revenue base of the government, the entire system went into comatose,” he said.

He noted that there are indications that the nation is gradually moving away from recession, even as he said that its citizens must not relax as it is not yet uhuru, but should do everything possible to sustain the progress achieved thus far.

He however pointed out that if much effort is not made to sustain the progress, there is possibility for the nation to fall back to economic recession.

Earlier, in his opening remarks, Vice Chancellor of the University, Prof. F. E. Obi Ikediugwu, said the lecture was apt, considering the current economic situation of the country. He urged the students to internalize what they have been taught in the lecture.

On his part, the convocation chairman, Prof. Patrick Igbinovia, Dean, College of Social and Management Sciences, noted that the Lagos State Governor, Akinwunmi Ambode, has made his marks in governance and worthy of emulation.