Osun: Post-COVID-19 economic recovery by Oyeniyi Timileyin

Nigeria center for disease control (NCDC) in her constant publication shown that Osun State was one of the top 3 state in Nigeria with COVID-19 cases from March to April 2020.

Many will agree with me that in a situation where the world is combating the pandemic, there is high and extreme tendency that the economy will fall. One of the core responsibility of government is to put all mechanism in place for the stability of the economy.

As an individual we must understand the basic and fundamental means of the economy and its effect. An economy encompasses all activity related to production, consumption, and trade of goods and services in an area. An economy applies to everyone from individuals to entities such as corporations and governments. The economy of a particular region or country is governed by its culture, laws, history, and geography, among other factors, and it evolves due to necessity.

An economy is the large set of inter-related production and consumption activities that aid in determining how scarce resources are allocated. The production and consumption of goods and services are used to fulfill the needs of those living and operating within the economy, which is also referred to as an economic system.

With this conspicuous aformentioned explanations, economy makes it axiomatically inseparable from any state that intent to strike growth and development, because all sectors lies on Economic to survive.


President Akufo Addo of Ghana in a recent broadcast to the people of Ghana said “we know how to bring economy back to life, what we are doing now is how to bring people back to life”. This message has opened the eyes on many as to the Post-COVID-19 economic plans of Ghana.

In bid to recover and revive the falling economy in state of Osun after Covid-19 pandemic, osun state government must able to look into economic diversification; Agriculture and food security, indigenous medicine and solution, SME development and survival concept and innovation, science and technology.

ECONOMIC DIVERSIFICATION AND REFLATION STRATEGIES:

◼ NATURAL RESOURCES:

Natural resources are crucially important, and they are among the various factors that have the potential to drive economic diversification. These resources can be exploited to increase exports of goods a state produces, especially through beneficiation, whereby additional value can be created from the resources extracted.osun state is blessed with natural resources such as gold which have been documented to have been discovered as far back as 1942 in ijesha land, granite,kaolin,Tac and Tin found in ilesha, feldsper in Apomu. Other natural resources include clay balls and building stone in different dimensions such as gravel etc
If all this is been tapped into will lead us to unprecedented rising GDP and Economic stability in Osun state.
In a bid to recovery from falling Economic after covid 19 osun state should not depends on federal government fund and change the status quo of generating funds differ for initial ways.

◼ INSTITUTIONAL CAPACITY AND HUMAN RESOURCES:

In addition to other input factors, human resources and institutional capacity merit special consideration. For example, human and institutional capacities act as enablers to facilitate supply chains and help unlock potential for diversification from resource-based and other sectors.
Human resources are important for boosting innovation in any economy, especially, for example, through Research and Development as well as management skills that lead to better products and economic processes. Again, the support of government and civil society can unlock the potential of human resources to contribute positively to economic diversification. This includes boosting tertiary education and supporting research and development in high-growth sectors.

◼ PRIVATE SECTOR:

The private sector can also play a role in boosting diversification by driving innovation and economic activity in under-exploited sectors. It can, for example, invest in Research and Development for new activities. Moreover, private companies often stand at the frontier of new sectors and bring innovation to the economy.
But many enterprises in Nigeria are informal, small-scale, and lack access to capital, making it difficult for them to fully exploit business opportunities. In this case, Government should find ways to boost entrepreneurship by creating favourable industrial and trade policies and eliminating bureaucratic obstacles to starting businesses.
Government should be sensitive to the needs of the private sector by improving the business climate through “outreach” for constructive partnerships with the private sector. Similarly, the private sector should reciprocate by engaging government initiatives and take the lead in driving the agenda for diversifying the economy.
There is no shortage of business opportunities in Osun and the private sector remains best placed to exploit such opportunities.

◼ RESTUCTURING TOURISM CENTER IN OSUN STATE:

Tourism contribute to profits, jobs, tax revenues, and income in an area for Government. Through secondary effects, tourism affects most sectors of the economy. An economic impact analysis of tourism activity normally focuses on changes in sales, income, and employment in a region resulting from tourism activity.osun state is blessed with so many tourism center such as olumirin waterfall, osun sacred groove, Oranmiyan groove,ile-ife etc. if all this tourism center is well restructured and give a new look that attract within and outside in the state is another way of reviving the Economic after the covid 19 pandemic in state rapidly,since with capable man in charge of the ministry,Dr Bawale Honourable commissioner for tourism and home affairs in state of Osun.

AGRICULTURE AND FOOD SECURITY

Agriculture and food security is another cogent factor in recovering falling Economic in a state or country,Food security means having, at all times, both physical and economic access to sufficient food to meet dietary needs for a productive and healthy life. A family is food secure when its members do not live in hunger or fear of hunger. Food insecurity is often rooted in poverty and has long-term impacts on the ability of families, communities and countries to develop and prosper. Prolonged undernourishment stunts growth, slows cognitive development and increases susceptibility to illness.
Without more ado, Osun state government can engage all commercial farmer in state by empower them by borrowing farmers loans in such a way to enhance their productivity. By doing this,it will propagate food security in the state and exporting to the labouring state as well.
Improving rural infrastructure such as roads is crucial to raising productivity through reductions in shipping costs and the loss of perishable produce. Meanwhile, providing better incentives to farmers, including reductions in food subsidies, could raise agricultural output, regulations of government can include availability of loans to the commercial farmers in the state.

INNOVATION, SCIENCE AND TECHNOLOGY

According to McKinsey, 84% of executives say that their future success is dependent on innovation. Although innovation may sound like a buzzword for some, there are many reasons why companies put a lot of emphasis on it.
In addition to the fact that innovation allows organizations to stay relevant in the competitive market, it also plays an important role in economic growth. The ability to resolve critical problems depends on new innovations and especially developing state like osun need it more than ever to increase Economic growth.
Technological innovation is considered as a major source of economic growth. Economic growth refers to the increase in the inflation-adjusted market value of the goods and services produced by an Economic over time. It is conventionally measured as the percent rate of increase in real gross domestic product, or real GDP.
In lieu of this,I urge state of Osun to critical invest on science , technology and innovation skill of residence to aid recovery falling Economic after covid 19.
If all this point of veiw is been use practically, osun state will surely transit from pandemic to prosperity and undeniable economic growth…

Òsun tó tí dárá
Kòní bàjé !!!

Oyeniyi Timileyi wrote in via oyetimmy0@gmail.com and can be reached via 08130030027

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