Oyo State Governor, ‘Seyi Makinde, has approved the establishment of a Sovereign Wealth Fund for the state, a move aimed at ensuring economic stability, wealth creation, and infrastructure development.
The decision was reached at the State Executive Council meeting held on Tuesday.
In a statement on Wednesday, Commissioner for Information and Orientation, Dotun Oyelade, said the fund would drive economic growth through prudent investments and diversification of revenue sources.
“The principal objective of the Sovereign Wealth Fund is to generate wealth through diversification and prudent investment practices, ensuring that the financial assets of Oyo State are transformed into tangible benefits for the people,” Oyelade said.
He added that Makinde was confident that the initiative could generate up to $250 million for the state within the next few years.
The council also approved a stronger partnership with the Nigeria Governors’ Forum particularly in economic cooperation.
“To this end, Oyo State will collaborate with the 35 other governors and engage a financial consultant to process the recovery and reconciliation of the Excess Crude Account and Petroleum Profit Tax Account from 2009 to 2015,” Oyelade noted.
The state will also join the NGF in hiring another consultant to engage with federal agencies and development partners to promote transparency and accountability in fund allocations to states and local governments.
The council approved urgent intervention in the agricultural sector, particularly at the Fashola Agribusiness Industrial Hub and the farm estate development projects at Eruwa and Akufo.
It noted the growing interest from local and international investors in the Fasola hub, signaling a potential boost in the state’s agribusiness sector.
Additionally, the council approved the procurement of pipes and repair materials worth N359 million for the Water Corporation of Oyo State.
“This will enable the corporation to fix leakages and replace aging pipelines, ensuring improved access to potable water across the state,” the statement added.
In response to rapid urbanization and growing investor interest in Oyo, the council approved a bill to establish the New Towns and Cities Development Authority.
“The new agency will drive the development of new housing and industrial layouts, attract businesses, reduce congestion in urban centers, and create smart cities that foster innovation,” Oyelade stated.
