Oyo govt saves $6m in sovereign wealth fund
Oyo State Government has so far saved about $6 million in the Sovereign Wealth Fund it floated some months ago, with a focus on the future of the State.
Governor Seyi Makinde of Oyo State, who disclosed this during a post-engagement meeting on the African Continental Free Trade Area (AfCFTA) implementation held in Ibadan, said that the State’s vision of unlocking prosperity, creating employment and boosting trade volume is well on course with the launch of the Oyo State AfCFTA sub-national implementation strategy.
The governor also said that his Administration had not only been investing in rebuilding infrastructure and implementing policies that improve the standard of living of Oyo State residents, it had also saved $6 million in the Sovereign Wealth Fund.
“The launch of the strategy would enhance this administration’s agenda for the sustainable development of the State and we are emboldened to engage in the agreement given the sheer size and population of the state and the huge investments it has made on infrastructure development”, he stated.
He noted that the agreement would culminate into massive employment creation, opportunities for entrepreneurs and business owners and boosting of trade volumes.
Noting that knowledge and productivity must be combined with natural resources to take any State or Country out of poverty, Governor Makinde hailed the State’s venture into AfCFTA as the first sub-national, saying it formed part of institutional initiatives that would shape the future of the State.
He added that the building of several landmark infrastructure, including the ongoing upgrading of the Ibadan Airport to international standard and the implementation of key policies, which encouraged economic expansion, meant that his administration’s vision for sustainable development is on its way to fruition.
“I want to situate the efforts of Oyo State, placing itself right in the middle of the African Continental Free Trade Area Agreement. We have seen things happen here. We know that in the African Growth and Opportunity Act, Nigeria missed out, but for the AfCFTA, thankfully, sub-nationals are able to run their own course. That is why Oyo State said, ‘look, we’re not going to wait for the Federal Government, since the agreement itself gave an allowance for us as a sub-national to take our own destiny in our hands,’ and that’s exactly what we have done in Oyo State.
“Natural resources alone will not take anybody out of poverty. They have to be backed by knowledge and productivity. You have to be productive. And, after being productive, you need a channel to ensure that you can earn foreign exchange for all those efforts. Oyo State is well on that path.”
Speaking further, the governor stated that Oyo State had areas of competitive advantage, which it would go after in its implementation of the AfCFTA strategy, noting that if its teeming youths could find gainful employment and it is able to earn foreign exchange following its investment in infrastructure development, then it would be able to move its people from poverty to prosperity in line with the vision of the administration.
“So, we have from day one, opportunities that we will go after. And if we can have our youths, our graduates coming out to be gainfully employed, we will have gone a long way in solving some of the poverty issues that we have faced. So, we want to take the opportunity to reach out first to neighbouring countries — West and Central Africa, and the rest of Africa.
“In our airport, we recently landed a wide-bodied A330. It is exactly the same aircraft that Virgin Atlantic uses to service their Lagos-London route. So, we can go anywhere in the world from Ibadan airport.
“We have done all the hard work. So, our vision for sustainable development of our state is well on the way. We believe that being part of the African Continental Free Trade Agreement as a sub-national and the first sub-national on the continent of Africa to achieve that, will give us access to great economic opportunities.
“Our infrastructure is becoming top-notch; we are upgrading the airport and we have put facilities for storage and dispensing of aviation fuel in there. Wide-bodied aircraft can now land at the airport.
“Well, those are good efforts but, as an administration, we don’t want to be remembered for putting infrastructure and all of these things in place. Those things should come naturally. We want to be remembered as an administration for the institutions that we are building, which will ensure good governance and sustainable development in Oyo State well beyond the tenure of this administration. That is what I would like to be remembered for, and that is where all our efforts will be concentrated.”
