The Oyo State Government, under the astute visionary leadership of the Executive Governor, His Excellency, Governor Seyi Makinde (GSM), aspires to deliver high-impact, capital-intensive, and cross-functional key Infrastructure and Public Works projects required to add value along the prosperity roadmap thereby transforming the state into a physically-functional, economically-vibrant, socially-harmonious, aesthetically-delightful, and preferred investment destination for all investors within Infrastructure development sector in Oyo state.
Investing in Oyo state’s Infrastructure sector presents an exciting opportunity for Investors and International Development Partners. The goal of His Excellency, Engr. Seyi Makinde towards the development of Infrastructure in the state is to ensure that safe, adequate and efﬁcient structures are put in place for sustainable development. The GSM administration focuses on Infrastructure development that underpins the following key priority sectors for partnership as below꞉
- Road transportation
- Inland dry-port
- Airport development (Aerotropolis)
- Industrial parks development
- Housing and real-estate development
- Health and welfare
- Energy supply
- Railway transportation
The schematic diagram below provides an overview of the GSM Infrastructure revolution masterplan for sustainable development and highlighting the specific location of the infrastructure opportunities.
Investment Opportunities in Oyo State Infrastructure Development
With a growing population of over 8 million people and a city with the second‑largest growing economy in Nigeria, Oyo state has a strong demand for diverse Infrastructure requirements. Investing in the Infrastructure sector of the state offers a proﬁtable investment opportunity with a huge return on investment. The investment opportunities include but are not limited to the following꞉
- Ilutuntun Business District (IBD)꞉
The Ilutuntun Business District is a game‑changer for the infrastructure sector in Oyo State. The Ilutuntun Business District covers an expansive land area of about 2,000 hectares and is projected to include modern grade-A commercial ofﬁce buildings, five-star hotel, world‑class retail shopping malls, Industrial parks, various workshops and other amenities that guarantee the comfort and convenience of residents and visitors alike.
The Ilutuntun Business District is designed to be a world‑class Business District, built to attract both local and foreign Investments to the state, create employment opportunities for residents, and further boost the economy of the state. With the Ilutuntun Business District, Oyo state is set to become an investment destination for investors across the globe. As the District continues to grow, businesses and investors are guaranteed an excellent return on investment.
- Ibadan Inland Dry Port (IIDP)꞉
The IIDP was conceived as a solution to Nigeria’s cargo processing challenges. The Federal Government of Nigeria and Oyo State Government have reached an agreement on the proposed Ibadan Inland Dry Port (IIDP), a project expected to ease the pressure on the Apapa/Tincan Seaports and the perennial gridlock on the Oshodi‑Apapa Expressway. With a modular design and a total site area of 342,811 sqm capacity facility, the proposed IIDP site is a circa 40 hectares expanse of land located at the Olorisaoko area on the northern outskirts of Ibadan.
The IIDP has the potential to signiﬁcantly improve the movement of cargo between ships and major land transportation networks. The Inland port can improve the movement of imported and exported goods by moving the time‑consuming sorting and processing of containers inland, away from congested seaports. With an initial capacity for management of 70,000 TEUs per annum in the ﬁrst nine years of operation and a subsequent expansion to 80,000 TEUs per annum, the IIDP will increase Nigeria’s cargo processing capacity. The IIDP also presents Investment opportunities which include but are not limited to꞉
- The allocated 40 hectares land area for an Industrial Park, can be a manufacturing destination for potential Investors
- Investment opportunities also exist for companies looking to expand the ecosystem around the Inland Dry Port by leveraging the proximity of the IIDP to the newly constructed railway line
- The construction of a tolled-road for ease of connectivity and prevention of gridlock that currently occurs at the Lagos Apapa and Tincan Ports.
- The Investment opportunities also exist in the establishment of manufacturing hubs and processing zones around the IIDP from where value‑added agro and other related products could be directly exported.
- Pacesetter Industrial Park;
The Pacesetter Industrial Park is a modern, purpose‑built industrial park located along the Lagos‑Ibadan expressway in the Oluyole Local Government Area of Oyo state. The 1,046 hectares park offers state‑of‑the‑art Infrastructure designed to accommodate various types of industries with a 50 hectares pilot-phase already underway.
As the park continues to develop, the Oyo State Government welcomes both multinational and indigenous blue‑chip companies to take advantage of this strategically located Industrial Park, which is expected to attract Foreign Direct Investment (FDI) estimated at US$4 billion at maximum capacity. The Pacesetter Industrial Park is perfectly situated to help businesses transport products for export to the Ibadan Inland.
The Pacesetter Industrial Park also presents investment opportunities which include but are not limited to the following꞉
- Independent power project capable of providing 60 mega-watts of energy for the Industrial Park.
- Partnership opportunities with competent investors to help drive the project to maturity.
- Investment opportunities for both multinational and indigenous blue-chip companies looking to establish presence in Nigeria.
- Opportunities for technology transfer and knowledge-sharing between multinational companies with advanced technologies/processes and local businesses.
- The Ibadan Airport (Aerotropolis)
The Ibadan Airport is currently receiving an upgrade on its existing facilities to ensure that it can cater for larger aircrafts. The runway and tarmac are being expanded and the lighting Infrastructure has been upgraded. With the recent upgrades at the Airport, the region is poised for further economic growth and development. The availability of unused real-estate around the Airport (Aerotropolis) presents a perfect opportunity for investors looking to invest in Infrastructure development projects.
Investing in the Ibadan Aerotropolis offers numerous beneﬁts which include but are not limited to the following
- An opportunity to develop world-class facilities that can cater to the growing demand for Air travel.
- The location of the Airport offers easy access to the region’s bustling cities and business hubs.
- The Airport is proposed to be built to allow international ﬂights in the coming years. This means that it will attract more international travelers, and therefore opening new markets and opportunities.
Investment opportunities in the Ibadan Aerotropolis are diverse, ranging from the development of new terminal buildings to hotels, retail outlets, and more. The management of the Airport is also open to partnership and collaboration with Investors looking to invest in the Aviation sector.
- Housing Infrastructure
Investing in Housing Infrastructure in Oyo state presents a unique opportunity for Investors to capitalise on the growing demand for affordable housing in the state. With the increasing population, there is a high demand for affordable housing, creating a potentially lucrative market for investors. Additionally, investing in Housing Infrastructure provides an opportunity to support the local economy by creating employment opportunities for the local population.
The Oyo State Government is committed to providing a conducive environment for investors in the Housing sector. The Government has put in place policies that provide incentives for Investors, including tax breaks and fast-track permit processing. Additionally, the Oyo State Government has established a Land registry and created an electronic platform for Land transactions to ease the process of land acquisition for Housing development.
Investment opportunities in Housing Infrastructure in Oyo state are diverse. Some of these include but are not limited to the following꞉
- Construction of new Housing estates
- Development of affordable Housing units for low-income earners
- Development of supporting Infrastructure, including roads, drainages, and other utilities.
- Road Infrastructure
Oyo state has an extensive road network, including a network of Federal roads that connect the state to other parts of Nigeria. The Oyo State Government is investing heavily in Road Infrastructure, and there are opportunities for investors to participate in the development of new roads, bridges, and highways.
Investing in the Road Infrastructure sector in Oyo state presents a unique opportunity to contribute to the socio-economic growth and development of the region. The Oyo State Government has prioritised investments in road Infrastructure, recognising its importance in supporting economic growth and development. This makes it a great time to explore Investment opportunities in this area.
Investment opportunities in Road Infrastructure in Oyo state are diverse. Some of these include but are not limited to the following꞉
- The Ibadan Circular Road꞉ The proposed Ibadan Circular Road is a standard 110 km expressway encircling the whole urban area of Ibadan city. The project is aimed at addressing the issue of trafﬁc congestion in the city, which has become a major challenge in recent years. The project will not only reduce travel time within the city but also improve the overall transportation system, thereby boosting economic activities within the state. The road will provide easy access to industrial areas and commercial centers, thereby creating an enabling environment for businesses to thrive. Investing in the Ibadan Circular Road project presents a unique opportunity for investors to take advantage of the huge potential of the infrastructure sector in Oyo state.
- Development of new Roads and Highways connecting various towns in Oyo state together to improve connectivity, facilitate trade, and promote economic growth in the state
- The construction of Bridges and Overpasses. The development of Bridges and Overpasses can improve connectivity and mobility, reduce travel times, and increase safety on the roads. This can lead to improved access to economic opportunities, better social services, and enhanced quality of life for the people of Oyo state.
- Development of intra-railway transportation꞉ This will improve interconnectivity between farm estates and main market areas from Gbekuba ido train station ‑ Dugbe train station ‑ Sango train station ‑ Bodija train station ‑ Olodo train station and Erunmu container terminal
Join us at the Oyo State International Business Summit 2023 to learn more about the exciting Investment opportunities for Infrastructure Development in Oyo state and connect with other Investors, Industry Professionals and Business Leaders.
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