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Federal Government tasks regional development commissions on economic diversification and self-sufficiency
via Punch Nigeria3 min read
The Federal Government has urged the seven regional development commissions to prioritize economic diversification and self-sufficiency. This directive emerged from a two-day retreat organized by the Ministry of Regional Development in collaboration with the commissions in Benin City, Edo State. The retreat, themed "Generating Fresh Ideas to Unlock the Potential of the Regions," aimed to accelerate regional development by strengthening governance systems, enhancing institutional collaboration, and unlocking new financing pathways. Participants emphasized adherence to governance frameworks like the Public Procurement Act and international accounting standards to restore transparency and accountability. Resolutions included strengthening oversight functions of governing boards, institutionalizing capacity-building programs, and aligning procurement plans with budget cycles. A key focus was on economic diversification, with commissions directed to invest in revenue-generating assets beyond statutory allocations and scale up skills acquisition in agriculture and small-scale enterprise development. The need for structured stakeholder engagement across regions, involving governors, traditional rulers, youth groups, and women's associations, was also highlighted. Infrastructure development, including investments in electricity generation, intermodal transport systems, industrial clusters, and logistics networks, was identified as a critical priority to boost trade and regional compe
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This summary was AI-generated from a story originally published by Punch Nigeria.
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