States should think out of the box to grow their economy and boost their Internally Generated Revenue (IGR), Vice President Yemi Osinbajo told governors on Thursday.
He said the chief executives should concentrate their investments in areas where they have comparative advantages rather than waiting for monthly handouts from the Federation Account.
The vice president spoke at the maiden Ekiti Economic and Investment Summit tagged: “Fountain Summit 2021” in Ado-Ekiti. It was part of activities marking the third anniversary of Governor Kayode Fayemi’s administration.
He said the states should grow their Gross Domestic Product (GDP) like an independent country.
He, however, cautioned against double taxation so as not to discourage investors.
Governors Fayemi (Ekiti); Babajide Sanwo-Olu (Lagos), Godwin Obaseki (Edo) and Nasir El-Rufai (Kaduna) called for the robust multi-layer policing system to protect citizens and investments.
They argued that the current policing structure that prevents governors from taking charge of security in their domains was negatively affecting investments, development and wellbeing of the people.
The vice president said: “The attractiveness of investments to any state should be radical because that is the revenue hub and determinant of how happy the people of any state will be in terms of economic development in relation to their standard of living.
“But, while trying to grow investments, we must be cautious about multiple taxations; it weighs down businesses.
“Ekiti is a business-friendly environment. Ekiti has also excelled in the aspect of ease of doing business. You have vast arable lands for agriculture.