The Oyo State Government has stated that it is capable of generating $250 million through the newly approved establishment of a Sovereign Wealth Fund within the next five years.
The Executive Council, at the end of its meeting, identified the SWF as beneficial to the economic well-being of the state, both in the short and long run.
The State Commissioner for Information and Orientation, Prince Dotun Oyelade, in a statement on the outcome of the meeting, said the principal objective of the Sovereign Wealth Fund is to generate wealth through diversification and prudent investment practices and to transform the state’s financial assets into tangible benefits for the masses.
The establishment of the SWF, according to him, will ensure economic stability, long-lasting wealth creation, infrastructural development, and diversification of revenue sources.
Governor Seyi Makinde, as stated in the release, confirmed that Oyo State has the economic capacity to generate up to $250 million from the project within the next few years.
Additionally, the Council has approved collaboration with the other 35 states in the area of economic cooperation.
To this end, the Council approved that Oyo State collaborates with the 35 other state governors to work with a financial consultant to process the recovery and reconciliation of the excess crude account and petroleum profit tax account from 2009 to 2015.
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Similarly, the Council approved that the state joins the NGF in employing another consultant to interface with federal agencies and development partners to ensure transparency and accountability, particularly in the equitable distribution of funds to states and local governments.
Furthermore, the Council approved urgent intervention in the agricultural sector, particularly at the Fashola Agribusiness Industrial Hub and the farm estate development projects at Eruwa and Akufo.
The Council noted the local and international interest being shown by various dignitaries in the Fashola hub, in particular.
To consolidate access to potable water in the state and reduce water wastage, the Council approved the bulk purchase of pipes and repair materials by the Water Corporation of Oyo State (WCOS) to the tune of N359,047,500 (three hundred and fifty-nine million, forty-seven thousand, and five hundred naira only).
According to the Council, this will allow the Corporation to repair several pipe leakages and replace old pipelines to achieve its goal of providing potable water supply to the people of the state.
The Council also approved the bill for a law to establish a New Towns and Cities Development Authority (NTCDA).
With the rapid infrastructural development across the state and the influx of new residents and investors, particularly in the municipality, the new parastatal has been mandated to, among other things, facilitate new housing and industrial layouts, attract new businesses and industries to create employment opportunities, reduce overcrowding and pressure on existing urban areas, and develop new cities based on technology and research to attract talent and foster innovation.
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