By Ayo Akinfe
As part of our ongoing “Make Nigeria Better” series, we travel to the heart of the southwest region to explore the untapped economic potential of Oyo State. With a population of over 8 million, the state is the sixth most populous in Nigeria and boasts the largest landmass in the southern part of the country, spanning an impressive 28,454 square kilometers.
Aptly nicknamed the “Pacesetter State,” Oyo has a rich history of pioneering achievements, from being home to Nigeria’s first university and stadium to hosting sub-Saharan Africa’s first television station and skyscraper. However, the state has yet to fully capitalize on these impressive feats and position itself as a prime destination for foreign direct investment (FDI).
Agriculture remains the main occupation of the Oyo people, with the state’s favorable climate enabling the cultivation of a diverse range of crops, including maize, yam, cassava, millet, rice, plantains, cocoa, palm produce, and cashew. The state’s numerous government farm settlements, located in areas such as Iseyin/Ipapo, Ilora, Eruwa, Ogbomosho, Iresaadu, Ijaiye, Akufo, and Lalupon, present an opportunity for further development.
One particular niche where Oyo State shines is in fruit production, with the town of Fiditi renowned for its abundance of oranges, bananas, mangoes, pineapples, cashews, and papayas. The potential to establish the Oyo State Fruit Company, with the government maintaining a 20% stake, could unlock significant value-addition and open up both domestic and international markets for the state’s premium fruit offerings.
Shaki, in the northern part of the state, is often referred to as the “breadbasket of Oyo,” and should be transformed into a massive industrial estate, providing processed foods to the rest of Nigeria. A freight railway link connecting Shaki to cities like Ibadan, Ilorin, Abuja, Lagos, and Kaduna would further enhance the state’s distribution capabilities.
Oyo State’s natural resources, such as clay, kaolin, and aquamarine, also present opportunities for the development of a robust building materials industry, with the potential to create numerous jobs across the state.
The state’s livestock industry, with extensive cattle ranches in Saki, Fasola, and Ibadan, as well as a dairy farm in Monatan, Ibadan, offers another avenue for growth. A joint venture with a multinational dairy company to establish a milk processing plant could boost both domestic consumption and export potential.
Furthermore, Oyo State is home to a wealth of tourist attractions, including the Agodi Botanical Garden, Ado-Awaye Suspended Lake, Mapo Hall, and the University of Ibadan Zoological Garden, among others. Upgrading the supporting infrastructure, such as hotels, restaurants, and amusement parks, could significantly enhance the state’s tourism industry.
Ibadan, the state capital, has long been Nigeria’s premier research hub, hosting institutions like the Institute of Agricultural Research and Training, the Cocoa Research Institute of Nigeria, and the Nigerian Institute of Social and Economic Research. Positioning Ibadan as the global research capital for tropical ailments and crop research could further solidify the state’s reputation as a center of innovation and discovery.
The textile industry in Iseyin, renowned for its production of the famous Yoruba Aso Oke, also presents an opportunity for the state to establish a world-renowned textile firm that can patent the design and mass-produce finished goods for both domestic and international markets.
As Oyo State embarks on this journey of unlocking its economic potential, the vision of visionary leadership and strategic public-private partnerships will be crucial in transforming the state into a thriving economic powerhouse that can serve as a model for sustainable development across Nigeria.
•Ayoakinfe@gmail.com
