Oyo State Governor, ‘Seyi Makinde, has pledged that his administration will guarantee long-term security and support for investors in the state, regardless of political transitions, positioning Oyo as a model for sub-national investment within the African Continental Free Trade Area (AfCFTA).
The governor made this commitment during a high-level visit by the Secretary General of the AfCFTA, Wamkele Mene, and his team to Ibadan over the weekend.
The visit aimed to consolidate collaboration between AfCFTA and Oyo State, and to assess investment opportunities in the region.
Governor Makinde emphasized that political risk, often a major concern for investors, would be addressed through legal and institutional frameworks under his administration.
“I know that political risk is something that most investors don’t want to deal with,” he said. “While I am here, I believe we have the opportunity to lock things up for the next 25 to 30 years and back it up by law. We have a legislative arm that is on the same page with the executive in terms of how to develop our state.”
Makinde also highlighted Oyo State’s unique geographical and economic advantages, including its central location in West Africa and its proximity to the Republic of Benin, which opens up access to sub-regional markets.
“We are upgrading our airport in Ibadan to international standard If we develop a Kigali-type airport here, we may attract people who don’t have too much time to waste connecting,” he stated, noting that the airside would be ready by September 2025 and the terminal by the second quarter of 2026.
Beyond infrastructure, the governor pointed to Oyo’s vast potential in agribusiness, solid minerals, particularly lithium, and urban development. He unveiled plans to transform the Rasidi Ladoja Circular Road area into a world-class city planned from the ground up.
“We just set up a new authority in Oyo State through which we are trying to have new towns and cities developed to international standards,” he said. “The Circular Road is a 110-km road around Ibadan with 4,000 hectares for a new city. The first segment will be ready before the end of the year and available for concessioning.”
AfCFTA Secretary General Mene commended Makinde’s administration for its vision and execution, citing Oyo State’s 4%+ economic growth, higher than the African average of 3–3.5%—as proof of effective leadership.
“To scale up above the continental average is a testament to your leadership,” Mene said. “It helps that you came from the private sector, you have a sense of getting things done.”
He described the visit as “very important,” both to understand local investment opportunities and to build a strong case for global investors, including major South Korean firms.
“There are big companies that have no presence anywhere in Africa,” Mene noted. “We’ve told them they must invest here, where Oyo State is able to say, ‘we are well positioned to support the establishment of a green industrial technology sector,’ those kinds of projects would be supported through syndicated financing.”
Also speaking, Ms. Neo Tlhaselo, Special Adviser to the Governor on International Trade and AfCFTA, reaffirmed the state’s readiness to leverage the opportunities provided by the trade agreement.
“The success of AfCFTA will not be defined by declarations but by deliverables. Oyo State is investing, reforming and innovating. We believe the ease of trade in Africa begins at the sub-national level,” she said. “We will continue to create an enabling environment for our economic players and investors.”
The AfCFTA delegation was later taken on a tour of key state projects in Ibadan, alongside senior officials including the Deputy Governor, Barr. Bayo Lawal; Chief of Staff, Otunba Segun Ogunwuyi; Head of Service, Mrs. Olubunmi Oni; and several commissioners.