Oyo State Governor, Seyi Makinde, has assured prospective and existing investors that their investments in the state will remain protected and insulated from political instability or administrative changes.
He gave the assurance while receiving the Secretary-General of the African Continental Free Trade Area (AfCFTA), H.E. Wamkele Mene, and his delegation during a high-level visit to Ibadan.
According to a statement by the governor’s Special Adviser on Media, Dr. Sulaimon Olanrewaju, Governor Makinde emphasized the state’s commitment to creating a stable and investment-friendly environment backed by supportive legislation.
“I know that political risk is something most investors avoid. While I am here, we have the opportunity to lock in policy stability for the next 25 to 30 years and back it by law. Our legislative arm is aligned with the executive in our development vision for Oyo State,” Governor Makinde stated.
Highlighting Oyo State’s geographic and economic potential, Makinde said the state holds significant comparative advantages. He noted that Oyo shares a border with the Republic of Benin, providing a gateway to the West African sub-region.
The governor also disclosed ongoing efforts to upgrade the Ibadan airport to international standards, aiming to create a regional aviation hub similar to Kigali’s.
“Why should travellers connect through Ethiopia, Kenya, or Morocco before returning to West Africa? If we develop a Kigali-type airport here, we can attract time-sensitive business and tourism traffic directly to Ibadan,” he said.
According to him, the airport’s airside will be completed by September, while the terminal is expected to be ready by the second quarter of 2026.
Makinde further revealed that Oyo State sits on a major lithium belt, positioning it for rapid development in solid minerals and green industrialization. He added that the state boasts fertile land suitable for virtually all forms of agriculture, underscoring its agribusiness potential.
The governor also announced plans to develop a world-class urban environment around the Rasidi Ladoja Circular Road axis.
“We have established a new authority to oversee the development of new towns and cities that meet international standards,” Makinde said.
“The first 32 km segment of the 110-km Circular Road will be completed by year-end and will be concessioned along with surrounding real estate.”
AfCFTA Commends Economic Progress, Explores Investment Opportunities
In his remarks, AfCFTA Secretary-General Wamkele Mene praised Oyo State’s economic growth under Governor Makinde, noting that the state’s performance surpasses the continental average.
“With an average growth rate of 4 percent, Oyo State has outpaced most African countries. That is a testament to your leadership. Your private sector background clearly reflects in your results,” Mene said.
He explained that the AfCFTA Secretariat’s visit aimed to solidify its partnership with Oyo State and assess investment opportunities that could be promoted to global investors.
“In our meetings with Korean corporations and other international stakeholders, the question often arises: where should we invest in Africa? This visit enables us to confidently present Oyo State as an investment destination,” Mene noted.
He added that the Secretariat was currently working with development finance institutions to fund green infrastructure and agro-industrial projects across Africa. “Oyo’s readiness to support renewable energy and green tech positions it well for syndicated financing opportunities under the AU’s climate agenda.”
Ms. Neo Tlhaselo, Special Adviser to the Governor on International Trade and AfCFTA, reaffirmed Oyo State’s dedication to making the AfCFTA a success through practical implementation.
“The success of AfCFTA will be measured by deliverables, not declarations. Oyo State is reforming, investing, and innovating to make intra-African trade easier,” she said. “We are confident that our efforts to create an enabling environment for business and export will attract strategic partners.
Following the engagement, Governor Makinde led the AfCFTA delegation on a tour of key infrastructure and development projects in Ibadan.
Dignitaries in attendance included Deputy Governor Barr. Bayo Lawal, Chief of Staff Otunba Segun Ogunwuyi, Head of Service Mrs. Olubunmi Oni, and several state commissioners and senior aides.
