Oyo State Government has inked a significant concession agreement with Bovas amd Company Limited in a move aimed at bolstering infrastructure and enhancing the state’s aviation sector.
The agreement, spanning 25 years, entails the development and operation of a state-of-the-art aviation fuel storage facility capable of holding 500,000 liters.
The signing ceremony, according to a post on the official Facebook page of the state government held at the office of the Director General, Oyo State Investment Promotion Agency (OYSIPA), Mr. Tilewa Folami, on Thursday, June 6.
The brief signing ceremony saw key stakeholders from both parties in attendance, including government officials and representatives from Bovas and Company Limited.
The Facebook post reads: “The Oyo State Government has signed a 25-year concession agreement with Bovas and Company Limited for the 500,000-litre aviation fuel storage and dispensing facility installed by the government at the Ibadan Airport.
“The Director General of OYSIPA, Tilewa Folami who signed the agreement on behalf of the government, stated that this is part of Governor Seyi Makinde’s administration’s plan to upgrade the airport to international standard.”