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Governor Seyi Makinde has reaffirmed his administration’s commitment to broadening Oyo State’s productive base, revealing that the state has invested approximately $200 million into the first phase of the Ibadan Circular Road project.
Speaking during a media chat on Tuesday, the governor explained that the state decided to “chest” the project—funding it directly from state resources—after initial efforts to secure a private concessionaire were unsuccessful. The 32-kilometre stretch is now nearing completion.
“It’s almost completed now. We will commission it in the first quarter of 2026,” Makinde stated.
He hinted that the state remains open to future concessionaires, which could result in a capital receipt of $200 million to be reinvested into the state budget.
Reflecting on fiscal responsibility, the governor noted that his administration has maintained a consistent budget performance of 70% to 75% over the last six years.
Historic Trade Milestone
In a strategic move to decouple the state’s economy from total reliance on federal allocations, Governor Makinde announced that Oyo State has become the first subnational entity in Africa to sign the African Continental Free Trade Area (AfCFTA) agreement as a direct party.
Drawing comparisons to countries like Mauritius, Rwanda, and Kenya, which expanded their economies through international trade protocols, Makinde emphasised that Oyo State will no longer wait for federal initiatives to grow its wealth.
“Oyo State will be at the table with other heads of government from other African countries,” the governor said. “We want to broaden our own productive base and be able to, under that protocol, expand our own economy and sell to other African countries.”
The “Omituntun 2.0” agenda continues to prioritise agribusiness, solid minerals, tourism, and infrastructure as the primary engines for the state’s economic expansion.
