In a bold step to position Oyo State as a top investment destination in West Africa, the state government has sealed a landmark partnership with a Singapore-based multinational for the development of the Oluyole Free Trade Zone.
The multi-million-dollar project, which spans 500 hectares, is expected to boost industrial growth, create thousands of jobs, and attract more foreign direct investment into the state’s economy.
The official handover of land to the foreign investor took place on Tuesday, with Oyo State Commissioner for Budget and Economic Planning, Prof. Musibau Babatunde, and the Commissioner for Lands, Housing, and Urban Development, Akin-Funmilayo Williams, jointly leading the ceremony.
According to Prof. Babatunde, the development of the Oluyole Free Trade Zone represents one of the most ambitious industrial projects under Governor Seyi Makinde’s administration.
He emphasized that the initiative would open vast opportunities for job creation, improve infrastructure, and significantly increase Oyo’s internally generated revenue.
“This project is not just about industrial growth; it is about creating sustainable livelihoods for our people.
With government support, we are confident that this partnership will serve as a beacon for other investors across the globe,” Babatunde said.
The project, spearheaded by Euro FMCG Universal Beverages Limited, will include the establishment of a large-scale warehouse, farm processing facilities, and logistics services to enhance trade and supply chain efficiency.
According to the company’s Director of Operations, Rajesh Koleti, the investment is projected to inject millions of dollars into Oyo’s economy and create over 5,000 direct jobs within the next 24 months.
Koleti assured that beyond employment, the project would provide opportunities for local contractors, farmers, and entrepreneurs to benefit from enhanced value chains.
He noted that the Oluyole Free Trade Zone will serve as a hub for agricultural processing and export, boosting Nigeria’s participation in global trade.
The Oyo State government reiterated its full commitment to providing security, infrastructure, and investor-friendly policies to ensure the success of the project.
Babatunde issued a stern warning to land grabbers and encroachers to stay away from the site, stressing that the administration will deploy the full weight of the law against anyone attempting to disrupt the project.
Commissioner for Lands, Akin-Funmilayo Williams, added that the partnership aligns with the state’s Oyo Vision 2040 Development Plan, which prioritizes industrialization, urban renewal, and sustainable economic growth.
Analysts believe that the development of the Oluyole Free Trade Zone could transform Oyo into a major industrial hub, rivalling Lagos and Ogun states.
With the African Continental Free Trade Area (AfCFTA) agreement in force, experts say Oyo is strategically positioning itself to tap into regional and international trade flows.
The deal also comes at a time when Nigeria is aggressively seeking to diversify its economy away from oil dependence.
Free trade zones have been identified as key catalysts for non-oil exports, especially in agro-processing, manufacturing, and logistics.
The project is also expected to prioritize local content, with opportunities for artisans, suppliers, and service providers within Oyo State.
Farmers in Oluyole and surrounding communities will benefit directly from new processing facilities, which will reduce post-harvest losses and improve access to both domestic and export markets.
Speaking on behalf of the host community, traditional leaders expressed optimism that the free trade zone would attract social amenities, infrastructure, and educational programs for youths.
The Oyo–Singapore partnership signals renewed confidence in Nigeria’s investment climate, despite macroeconomic challenges.
It also strengthens Oyo State’s positioning as one of the most attractive states for foreign investors.
“This is only the beginning,” Babatunde concluded. “We are determined to open Oyo to the world and ensure our people reap the benefits of industrialization and global trade.”
If successfully executed, the Oluyole Free Trade Zone could become a model for public-private partnerships in Nigeria, ushering in a new era of industrialization, export-led growth, and shared prosperity for the people of Oyo State.