The Oyo State Government and Euro FMCG Universal Beverages Limited based in Singapore have entered into a partnership to develop the Oluyole Free Trade Zone.
Chief of Staff to the Oyo State governor, Otunba Segun Ogunwuyi, represented by the Commissioner for Budget and Economic Planning, Professor Musibau Babatunde, stated this while handing over 500 hectares of land along Lagos-Ibadan Expressway in Oluyole local government area to the firm under the Public-Private Partnership arrangement.
According to Ogunwuyi, the partnership aligned with the vision of the state to drive and expand the state’s economy as outlined in Governor Seyi Makinde’s Roadmap to Sustainable Development Agenda (2023-2027).
He noted that the land for the Oluyole Free Trade Zone was acquired by the last administration, saying the Makinde-led administration would clear all the accumulated and outstanding debts, thus providing the opportunity for the state to utilise the facility by making it possible for investors to take over the space for industrialisation purposes.
Ogunwuyi, while assuring the investors of maximum security and support of the state government to fast-track the project, warned land grabbers to steer clear of the area or face the full wrath of the law.
“This is another milestone from the administration of Governor Seyi Makinde to industrialise Oyo State by engaging in public-private partnership that will bring about a lot of opportunities for the Oyo State economy.
“Don’t forget the fact that the first pillar of the Oyo State Roadmap to Sustainable Development (2023-2027) is economic expansion, and this is part of what we are trying to do. We want to industrialise Oyo State through economic development and partnership with companies like this.
“The company has done it across the world. They have done it in Singapore, they have done it in Myanmar, and some other countries.
“Also, they have the wherewithal, the capital, the experience, the logistical facilities to make this work. So, that’s why we are handing over the 500 hectares of land out of the 1,700 hectares of land in the Oluyole Free Trade Zone,” he said.
Ogunwuyi added that there is timeline for the firm to achieve this. “So, we believe the fact that, given all the necessary opportunities to them, given the partnership framework that we have been able to develop for them, they will be able to actualise and fast-track this particular Free Trade Zone in Oyo State.”
Explaining the expectations on the free trade zone, Ogunwuyi said that the zone would host different sets of industrial activities such as logistics and warehouses, among others.
“When completed, this area is going to host the free trade zone, the FCMG Free Trade Zone, which is a component of the Oluyole Free Trade Zone. It is going to consider about three sets of industrial activities. Logistics is going to be there, warehouse is going to be there. We are even going to have a hotel there.
“So, it is an all-encompassing opportunity that will feed back into the domestic economy through the value chain mode of trying to synergise between the domestic economy and also the foreign part of the economy.
“The Oluyole Free Trade Zone has actually been in existence even before the administration of Governor Makinde but nothing tangible was done about it. But, along the line, we looked for credible investors and that’s why we are partnering with the Universal FCMG Limited,” he said.
He added that the State government was discussing with the Nigerian Export Processing Zone Authority in Abuja to also get all the necessary documentation done as quickly as possible.
“It is the vision of Governor Makinde that we are actualising this particular place today as a way of expanding the economy of Oyo State.”
Earlier, Director of Operations and Business Development, Euro FMCG Universal Beverages Limited, Mr Rajesh Koleti, thanked Governor Makinde for his unwavering commitment to creating a conducive environment for investors and ensuring the ease of doing business in the state.
He stated that the project would include warehouse, agricultural processing and logistics, and will create 5,000 direct jobs for residents of the state within the next 24 months.
