Makinde Woos Investors In UK, Wants Oyo To Run Without Federal Allocation

• Governor Seyi Makinde aspires for Oyo State to operate without relying on federal allocations and become a thriving economic powerhouse.

• At the Oyo State International Business Summit (OYSIBS 2023) in London, Makinde emphasized the need for international investments in Oyo State, urging the corporate world and individuals to participate.

• The summit focused on agribusiness, solid minerals and mining, tourism, sustainable energy, and infrastructure sectors, highlighting investment opportunities through various models such as private investment ventures and public-private partnerships (PPP).

Seyi Makinde, the Governor of Oyo State, has set forth his vision to establish a self-sufficient and economically prosperous state that operates independently of monthly financial aid from the federal government.

FRESHREPORTERS learnt that while Makinde was speaking at the Oyo State International Business Summit (OYSIBS 2023) in London, United Kingdom, urged international investors to consider the vast potential of Nigeria’s Southwestern State.

The summit, held under the theme “Accessing the Pioneer Advantage to Sustainable Investment in Oyo State,” aimed to attract key players in agribusiness, solid minerals and mining, tourism, sustainable energy, and infrastructure sectors. The discussions revolved around investment opportunities available through private investment ventures, public-private partnerships (PPP), and public-private development partnerships (PPDP) in Oyo State.

“Our objective today is to engage major stakeholders in agribusiness, solid minerals and mining, tourism, sustainable energy, and infrastructure sectors, to explore investment prospects in these areas through private investments, PPPs, and PPDPs within our Oyo State. We aim to break the cycle of monthly trips to Abuja for federal allocations and transform Oyo State into a self-reliant entity. That is the primary purpose of this summit. I am delighted by the enthusiasm and potential present in this room, and I am confident that we will harness it,” stated Governor Makinde.

Makinde emphasized the extensive efforts made to enhance Oyo State’s infrastructure and security. The state has connected all major zones with a robust road network, ensuring the safety of businesses operating within its borders. These initiatives have resulted in substantial economic growth, with Oyo State’s economy expanding from N2.75 trillion in 2019 to N4.05 trillion by Q3 2022, all without imposing additional taxes. Moreover, the state has witnessed an impressive increase of over 90% in its Internally Generated Revenue (IGR) during the same period.

The Nigerian High Commissioner to the United Kingdom, Ambassador Sarafa Tunji Isola, expressed his support for Governor Makinde’s vision during a conversation with LEADERSHIP. He highlighted the significance of the summit in promoting economic diplomacy and encouraging British investments in Nigeria.

Isola encouraged investors to embrace the opportunities offered by Oyo State, particularly emphasizing Governor Makinde’s private sector background, which instills confidence in potential investors. Isola firmly believed that the presentations made at the summit would inspire industrial investment and contribute to economic development.

Hon. Olamiju Akala, the elected member of Nigeria’s House of Representatives representing Ogbomoso North, Ogbomoso South, and Orire federal constituency of Oyo State, commended the state’s favorable business environment and the presence of a vibrant young workforce.

He urged investors to collaborate with the state government, emphasizing that their investments would yield significant benefits.

With Oyo State’s vast land area of approximately 28,454 km² and a predominantly youthful population, investors can expect substantial returns on their investments.