Natural resources not enough for national prosperity – Makinde

Gov. Seyi Makinde said natural resources alone cannot guarantee a prosperous national economy.

Makinde stated this on Wednesday at the 10th anniversary celebration and inauguration of the CapitalSage Holdings Global Headquarters in Ibadan

According to the governor, sustainable growth depends on entrepreneurship, skills, knowledge and intensive production.

He noted that while Nigeria is richly endowed with natural resources, sustainable economic prosperity depends on entrepreneurs’ willingness to take risks, innovate, and invest.

He stressed that states and nations that had achieved real prosperity did so by moving beyond resource abundance to building human capital and productive enterprises that create jobs and value.

He noted that Oyo State’s economic transformation agenda was anchored on supporting entrepreneurs and private sector-led industrialisation as a pathway to shared prosperity.

The governor assured investors of his administration’s continued support through enhanced security, investment facilitation, and other measures aimed at promoting business expansion and economic growth.

He urged stakeholders to recognise the critical role of private businesses in creating economic opportunities, generating employment, and strengthening local industries.

Makinde, who described the inauguration as a celebration of entrepreneurship, congratulated the company on building a thriving business conglomerate, comprising about 20 companies.

He added that having the conglomerate’s headquarters in Ibadan would further reinforce the city’s position as a leading business hub and investment destination.

He also expressed the state’s confidence in competing favourably with Lagos in attracting investments and hosting major business operations.

He assured investors that his administration remained committed to supporting businesses to grow and expand, describing a thriving private sector as key to the state’s economic future.