Makinde woos investors in UK, wants Oyo to run without federal allocation
The governor of Oyo state, Seyi Makinde, has said that his economic plan in his second term of office is to ensure the State runs effectively without having to go cap in hands for monthly allocation from the Federation Account.
He also disclosed that he wants Oyo state to become one of the fastest rising economic states and an investment destination for global investors in the Nigeria.
Governor Makinde spoke at the Oyo State International Business Summit (OYSIBS 2023) with the theme, “Accessing the Pioneer Advantage to Sustainable Investment in Oyo State” in London, United Kingdom, on Friday.
The governor, while speaking at the event said he wanted Oyo State to stop monthly trips to the nation’s capital to beg for financial aid from the federal government while calling on the international corporate world and big individual investors to invest in the southwestern state of Nigeria.
“What we are doing here today is to bring in key actors in agribusiness, solid minerals and mining, tourism, sustainable energy, and infrastructure sectors, to discuss the investment opportunities in these areas through private investment ventures, public private partnership (PPP) and public-private-development partnership (PPDP) model in our Oyo State.
“We want to stop the monthly trip to Abuja for federal allocations, we want Oyo State to be a state that can run with zero federal allocation, so that is the main reason for the summit. I am excited about the people and to see a lot of potential and the energy in the room, I am very sure we will harness it.
“We have linked all the major zones in Oyo State with a viable road network and have invested heavily in security to ensure that you are safe wherever you choose to locate your business within the borders of Oyo State.
“This has led to us growing our economy from N2.75trillion in 2019 to N4.05 trillion as of Q3 2022 without increasing taxes. In the same period, we increased our Internally Generated Revenue (IGR) by over 90%,” Makinde explained.
On his part, the Nigerian High Commissioner to United Kingdom, Ambassador Sarafa Tunji Isola, in a chat with LEADERSHIP, said the summit has further encouraged economic diplomacy and British investment in Nigeria while encouraging investors to key into Governor Makinde’s vision.
“This summit has helped in our economic diplomacy to ensure we have British investment in Nigeria and to encourage Nigerian businessmen to export to United Kingdom.
“Within the context of what Oyo State has to offer in terms of agribusiness, solid minerals, ICT and other infrastructure projects, investors will have the opportunity to know what Oyo State stands for.
“And of particular interest is the governor who has a private sector background which is key to investors, and with what has been presented, I have no doubt in my mind that they are ready for industrial investment and economic development,” Amb Ishola stated.