Oyo State Governor, Seyi Makinde, on Thursday introduced that the state is in superior levels of creating a $100 million Sovereign Wealth Fund (SWF) geared toward securing the long-term financial way forward for the state and its residents.
Makinde, who had hinted on the plan final yr, revealed that the fund has already obtained a deposit of over $6 million, signalling a robust dedication to constructing a sustainable monetary buffer for the state.
The Governor made this identified on Wednesday throughout a post-engagement media briefing following the stakeholders’ assembly on the implementation of the African Continental Free Commerce Space (AfCFTA) Technique in Oyo State.
He defined that the SWF will function a strategic reserve to help the state’s long-term financial agenda, whereas additionally reinforcing Oyo’s lively participation within the AfCFTA, a continent-wide initiative designed to spice up intra-African commerce.
“We’re taking deliberate steps to construct an financial future that’s resilient, forward-looking, and inclusive. The Sovereign Wealth Fund will probably be a crucial a part of that future,” Makinde mentioned.
The Governor harassed that past macroeconomic beneficial properties, the implementation of the AfCFTA technique would instantly profit smallholder farmers, native entrepreneurs, and MSMEs, who now have simpler entry to Oyo’s commerce portal, a platform designed to facilitate participation in continental commerce.
“Our small companies and farmers aren’t omitted. With the commerce portal now lively, they will entry new markets throughout Africa,” Makinde added.
Additionally talking on the occasion, the Particular Adviser to the Governor on Worldwide Commerce and AfCFTA, Ms Neo Theodore Tihaselo, described Oyo as a trailblazer in sub-national commerce coverage implementation.
“Oyo State is the primary sub-national entity to signal on to the AfCFTA implementation technique. This provides us the standing of a recognised buying and selling companion below AfCFTA, successfully opening the door for direct worldwide commerce and commerce,” she mentioned.
Tihaselo famous that with this recognition, Oyo State has joined the league of worldwide lively financial models, with improved entry to commerce agreements, funding inflows, and enterprise collaborations throughout Africa.
The AfCFTA engagement attracted key stakeholders from authorities, commerce associations, the non-public sector, and the worldwide neighborhood, all in search of to unlock the advantages of the world’s largest free commerce space by inhabitants and variety of international locations.
Makinde reaffirmed his administration’s dedication to constructing an economic system that goes past federal allocations, rooted in funding, innovation, and strategic planning.
“We’re not simply occupied with at the moment; we’re securing tomorrow. The SWF, AfCFTA technique, and our digital infrastructure are all pillars of a wiser, stronger Oyo State,” he added.
