A recent narrative on some online platforms, in which the authors decry exorbitant rent charged by landlords, in connivance with estate agents in Osogbo metropolis and its environs calls for intervention.
Real estate business is a line of business with slow pace of returns. But that an investor in the real estate is intrinsically in business is not in any way in doubt.
So many issues need to be considered before casting aspersions on landlords, knowing fully well that every rational investor is out to make profit no matter what.
Sincerely, the issues surrounding purported exorbitant rent should be analysed creatively from a broad socio-economic dimension and developmental lens of macroeconomic theory known as ‘Economic Cost Advantage’ (ECA), where it is rational for every country, individual and business entity to concentrate on the lines of business with lowest cost of production per unit of product and attendant maximum profit.
The embedded merit of ECA is that, the economic model prioritises production and sustainable economic template, with multiplier effects on the larger society, which include employment and social security.
Because every surviving and developed economy predicates on production and not consumption or speculation, as it is applicable in the real estate business. There is urgent need to look inward and change the old order in the State of Osun.
As a matter of importance, the economic perception of the people must be changed towards greater frontiers of opportunities in order to attain higher purchasing power. Against this backdrop, every citizen in the state must look in the direction of the propelled economic road map of the government to create sufficient wealth. The present administration’s efforts to create viable and dynamic economic direction in critical sectors of the economy like agriculture, tourism, solid state minerals, and many more must be proactively adopted and passionately adapted.
Therefore, since there is conducive economic environment in the state to have reliable economic prosperity, every citizen should have alternative means of income for better standard of living. The intellectually-driven summit on economy organised in the last quarter of 2019 was consciously conceived to create this type of virile economic environment for diversification. Many development economists and management experts have continued to commend the governor on the obvious short and long- term positive effects of such convergence of experts.
The government has also moved further to strengthen the security architecture of the state by setting the pace in community policing arrangement, known as ‘Amotekun Corps’ to complement the federal security formation, knowing fully well that the bedrock of economic growth is safe environment.
Osun remains an arena of tourist sites, in which the rich historical heritage and relative peace in the state should ordinarily attract many world tourists, with huge economic benefits .
In that wise, it is incumbent on the Osun citizenry to key into the economic direction of the present administration in the state and diversify to more sustainable economic path of production.
Also, the consistency in the prompt payment of salaries of workers and other emoluments is a product of conscious resolve of the Oyetola’s administration to prioritise the well-being of the people above any considerations, and not the mindset of exploitation to create economic burden for the good people of the state.
There is need for concerted efforts to create productive economy that will bring about new economic order in Osun, as government continues to give direction to the path of prosperity.
Olaniyi Ajibola, Chief Press Secretary to Osun State Deputy Governor