Governor Makinde says Oyo State attracted N23 billion in agribusiness investments in 3 years

The Governor of Oyo State, Seyi Makinde has revealed that since 2019, Oyo State has attracted over N23 billion in agribusiness investments and about $125 million in development partners-blended finances for rural roads, agro-logistics, markets and industrial hubs.

Makinde disclosed this on Thursday in Oyo at the inauguration of a cassava-based sorbitol factory owned by Psaltery International Limited in Iseyin Local Government Area of the state.

He added that his administration will continue providing an enabling environment for economic growth.

What the governor is saying

Makinde stated that his administration’s commitment to reducing the infrastructure deficit in the state remained a top priority, citing that there could not be agricultural transformation without rural transformation, as his government will continue to prioritise the security of lives and property.

  • He said, “Our strategy is based on one principle, and the principle is that there cannot be agricultural transformation without rural transformation.
  • “If you look at our communities when we resumed in 2019, there was no water, no good road.
  • “That was why we awarded the 65 kilometres Moniya-Iseyin road as one of the projects we prioritised, so our model has achieved great success for us.

He added that since 2019, Oyo State has attracted over N23 billion in agribusiness investments and about $125million in development partners’-blended finances for rural roads, agro-logistics, markets and industrial hubs in investment into this sector.

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  • We have also been very strategic about how we apply the funds to accomplish our goals.
  • “So, the market has to drive the demands, and I promised our people that our Infrastructure development will hunt our economy,” Makinde said.

He added that Psaltery International Limited is making history as the first cassava-based sorbitol factory in Oyo State, in Nigeria, in Africa and the second in the world.

We needed to move away from the years of government thinking they could run the business of agriculture.

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“Now, this is a private sector-led initiative but the government is in full support,” he added.

What you should know

  • Recall Nairametrics reported last year that Seyi Makinde, the Governor of Oyo State, revealed that the state’s Internally Generated Revenue (IGR) has risen to N15 billion since 2019, without raising taxes.