The Oyo State Government has unveiled an ambitious plan to reposition its tourism sector by inviting both local and international investors to develop and manage five of its most iconic tourism destinations under a Public-Private Partnership (PPP) framework.
The move, according to officials, aligns with the administration’s Tourism Reset Agenda designed to harness untapped cultural and natural assets while boosting the state’s economy.
The five priority sites earmarked for this investment drive include Eleyele Lake, the Ibadan Cultural Centre, Bower’s Tower, Iyake Lake in Ado-Awaye, and Idere Hills—locations widely regarded as treasures of historical, cultural, and environmental significance.
In a joint statement released on Monday, the Director-General of the Oyo State Investment and Public-Private Partnership Agency (OYSIPA), Mr. Tilewa Folami, and the Commissioner for Culture and Tourism, Dr. Wasiu Olatubosun, emphasized the need for credible partners who can finance, design, build, operate, and maintain the facilities to international standards.
“The Government seeks credible partners to finance, design, build, operate, and maintain these sites in line with the State’s Tourism Reset Agenda, ensuring sustainability, community inclusion, and strong return on investment,” the statement read.
The Expression of Interest (EOI) documents, which include detailed memoranda on each site, are now available for download on the state’s tourism portal.
According to the government, site visits are scheduled between September 8 and 26, 2025, with the final deadline for submissions fixed for September 30, 2025.
Authorities clarified that the EOI is not a tender but rather a pre-qualification process aimed at shortlisting competent firms or consortia.
The government also reserved the right to reject or accept submissions without liability.
Each of the five sites offers unique opportunities for investors and holds the potential to attract both domestic and international visitors:
Eleyele Lake (Ibadan): A serene natural water body with ecotourism and leisure development potential.
Ibadan Cultural Centre: The state’s hub for cultural events, which could be transformed into a modern arts, heritage, and performance destination.
Bower’s Tower: A colonial-era monument offering panoramic views of Ibadan, ripe for redevelopment into a world-class heritage attraction.
Iyake Lake (Ado-Awaye): One of only two suspended lakes in the world, offering adventure, mythology, and eco-tourism prospects.
Idere Hills: A natural landscape with caves, hiking trails, and historical artifacts suitable for eco-lodges and adventure tourism.
Tourism experts believe that with adequate investment, these destinations could rival Africa’s top heritage and eco-tourism spots.
Analysts suggest that the state’s PPP approach is a strategic way of reducing the burden on government resources while creating jobs and stimulating small businesses.
Beyond boosting Internally Generated Revenue (IGR), the model ensures that surrounding communities benefit directly through hospitality services, local crafts, and guided tours.
Speaking with journalists in Ibadan, an economic development consultant, Dr. Funke Akinwale, said Oyo’s initiative could become a model for other Nigerian states.
“Tourism is not just about leisure; it is a strong economic driver.
What Oyo is doing is setting the stage for private capital to transform underutilized assets into revenue-yielding ventures that also preserve cultural heritage,” she noted.
The Oyo State Government has over the past four years pursued policies aimed at creating an investor-friendly environment, including reforms in land administration, digitization of government services, and infrastructure upgrades.
The Tourism Reset Agenda builds on these reforms by seeking to position Oyo as the leading cultural and heritage tourism hub in West Africa.
Commissioner Olatubosun reiterated that sustainability and community inclusion would be key evaluation metrics in selecting partners.
“We want investors who understand not only the financial value but also the cultural and social responsibilities that come with managing heritage assets,” he said.
According to recent reports by the Nigerian Bureau of Statistics (NBS) and the World Travel & Tourism Council (WTTC), tourism currently contributes less than 5% to Nigeria’s GDP but has the potential to exceed 10% with the right investments.
With a growing middle class, improved digital marketing, and increased air connectivity, destinations like Oyo State could experience exponential visitor growth.
In a related development, the Federal Government has also reiterated its commitment to supporting states in attracting global investors to tourism and hospitality, recognizing the sector as a key pillar of its economic diversification agenda.
As Oyo State courts investors with this fresh PPP initiative, stakeholders believe the success of the project will depend on transparency, quality assurance, and long-term sustainability plans.
If executed effectively, the concession could redefine the face of tourism in Oyo and position the state as a premier cultural destination on the African continent.
With the EOI window closing by the end of September, all eyes are now on how local and foreign investors will respond to this bold invitation.