OYSIBS 2023: We Want Oyo To Run With Zero Federal Allocation – Makinde

Oyo State Governor Seyi Makinde has said he wants the state to effectively run without federal government allocation and become one of the fastest rising states in the country.

Governor Makinde made this assertion during the Oyo State International Business Summit (OYSIBS 2023) with the theme; “Accessing the Pioneer Advantage to Sustainable Investment in Oyo State” in London yesterday.

Governor Makinde while speaking to LEADERSHIP said he wanted Oyo 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 individuals to invest in southwestern state in Nigeria.

“What we are doing here today is to bring in key actors in agribusiness, solid minerals & 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 trips 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 N2.75 trillion 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%,” he added.

Nigerian high commissioner to the United Kingdom, Ambassador Sarafa Tunji Isola, said the summit had 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 via-vis to encourage Nigerian businessmen to export to United Kingdom. With the context of what Oyo State has to offer in term of agribusiness, solid minerals, ICT and other infrastructure projects, investors will have the opportunity to know what Oyo 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” he said.

House of Representatives member-elect of Ogbomoso North, Ogbomoso South /Orire, Hon Olamiju Akala, said the state had created an enabling environment with a vibrant young workforce, which promises to give investors value for their investment.