Sunday, August 7, 2022

Oyo govt attracted over N23 billion in agribusiness investments: Makinde

“Our strategy is based on one principle, and the principle is that there cannot be agricultural transformation without rural transformation,” said the Oyo governor.

• August 5, 2022

Governor Seyi Makinde has disclosed that Oyo state is making inroads into reaping from his administration’s investment drive, creating a conducive environment for economic development.

Mr Makinde said this on Thursday during the inauguration of a cassava-based Sorbitol factory owned by Psaltery International Limited, Alayide village, Ado-Awaye, in the Iseyin local government area.

The governor, who said his administration’s commitment to reducing the infrastructure deficit in the state remained a top priority, pointed out that there could not be agricultural transformation without rural transformation.

“Our strategy is based on one principle, and the principle is that there cannot be agricultural transformation without rural transformation. If you looked at our communities when we resumed in 2019, there was no water and no good road,” said the Oyo governor. “That was why we awarded the 65km Moniya-Iseyin road as one of the projects we prioritised, so our model has achieved great success for us.”

Mr Makinde added, “In the last three years, Oyo state has attracted over N23 billion in agribusiness investments and about $125 million in development partners-blended finances for rural roads, agro-logistics, markets and industrial hubs in investment into this sector. We have also been very strategic about how we apply the funds to accomplish our goals.”

The governor announced that the 48km Ido-Eruwa road would soon be awarded for reconstruction, and feeder roads across the state would be worked on too.

He described establishing the Psaltry International Cassava-based Sorbitol plant as a good development.

“Today, Psaltery International Limited is making history as we commission the first cassava-based sorbitol factory in Oyo state, in Nigeria, in Africa and the second in the world. We needed to move away from the years of government thinking they could run the business of agriculture,” Mr Makinde explained. “This is a private sector-led initiative, but the government is in full support.” 


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