OYSIPA Under Folami: A New Era Of Economic Development In Oyo State

In modern governance, strategic investment remains one of the most powerful tools for economic transformation. It drives growth, creates employment, boosts government revenue, and improves citizens’ welfare.

Recognising this, the administration of Governor Seyi Makinde has placed investment promotion at the heart of its development agenda under the Omituntun 2.0 Roadmap for Sustainable Development.

To actualise this vision, Governor Makinde established the Oyo State Investment and Public Private Partnership Agency (OYSIPA) in December 2019 and appointed seasoned investment expert Mr. Olatilewa “Tilewa” Said Folami as its Director-General.

Under Folami’s leadership, OYSIPA has repositioned itself as the state’s one-stop shop for investment promotion, modelled after the Nigerian Investment Promotion Commission (NIPC), while serving as a transparent bridge between government and the private sector.

Core Mandate and Strategic Framework
OYSIPA’s mandate includes promoting, coordinating, monitoring, and managing investments; identifying viable projects; evaluating proposals; and ensuring sustainable returns.

Its activities align with the agency’s 2023–2027 Corporate Strategic Plan and the four pillars of Omituntun 2.0, Economy, Education, Health, and Security, with strong emphasis on agribusiness, infrastructure, urban renewal, SME support, tourism, and solid minerals.

A key innovation is the Alternative Project Financing Approach (APFA), which allows private investors to fund infrastructure upfront, with government repayment over agreed periods. This has accelerated project delivery without excessive pressure on public finances.

Complementing APFA is a comprehensive Public-Private Partnership (PPP) Policy Framework signed into law by Governor Makinde, which provides clear guidelines for transparency, accountability, and investor confidence.

Remarkable Growth in Internally Generated Revenue (IGR)
One of OYSIPA’s most significant contributions is the impressive rise in Oyo State’s IGR.

When Governor Makinde assumed office in 2019, monthly IGR stood at approximately ₦1.7 billion. By June 2025, it had surged to about ₦8.7 billion monthly, more than a five-fold increase, achieved through efficiency, investment promotion, and private sector participation rather than new taxes. The state is on track towards ambitious annual targets, reflecting improved economic activities and asset management.

Infrastructure Transformation
Through PPP and APFA models, OYSIPA has facilitated the delivery of critical infrastructure that enhances connectivity and economic productivity:

Construction of the 21km Ajia-Airport Road, including a spur to Amuloko, Completion of the 7.52km Idi-Ape–Bashorun–Akobo–Ojurin–Odogbo Barracks Road, Completion of the 9.7km Saki Township Road and rehabilitation of the Saki–Ogbooro–Igboho Road, Reconstruction of the Oyo–Iseyin Road and roads within Oyo town, Remodelling of the Lekan Salami Sports Complex in Adamasingba, Ibadan, Development of judicial and security infrastructure, including facilities at the Olomi Correctional Centre.

Major ongoing projects include the 110km Ibadan Circular Road (with the 32.2km East Wing nearing completion) and the upgrade of Samuel Ladoke Akintola Airport in Alakia, Ibadan, to international standards.

OYSIPA also facilitated the installation of a 500,000-litre aviation fuel dispensing facility at the airport and the Construction of One Stop Shop Investment Centre for ease of doing business in the state.

Revitalisation of Moribund Assets

The agency has successfully revived underutilised state assets, restoring their economic value. Notable examples include the Pacesetter Quarry and Asphalt Plant at Ijaiye, Captain Bower’s Tower, the ICT Hub (Shopping Complex), and the reconstruction of the Oyo State Lodge in Abuja.

Housing and Real Estate Development
OYSIPA has addressed the housing deficit through strategic PPPs, delivering quality residential and commercial projects;

Rayfield Gardens City Estate (in partnership with Fendini Group at Alao-Akala GRA, Wofun), a self-sustaining estate featuring over 350 smart residential units, commercial facilities, modern amenities, and 24-hour security, Owode Estate in Apata, Yekinni Adeojo Government Residential Area (GRA) along the Lagos–Ibadan Expressway (50-hectare development by Allianz West Africa Ltd., including roads, drainage, power, water, and security), Engr. Lere Adigun GRA in Basorun, Ibadan (fully completed and serving as a model), Greenland Estate (redevelopment of the former Trans Motel site), Remodelling of Agbowo Shopping Complex and development of shopping facilities at Bola Ige International Market.

These initiatives align with the Oyo State 2030 Master Plan and support balanced urban expansion.

Empowering MSMEs and Entrepreneurs
OYSIPA has supported thousands of small businesses, particularly during economic challenges:

The ₦1 billion MSME Support Fund (2020) disbursed over ₦1.094 billion to 1,185 entrepreneurs during the COVID-19 period, Oyo State/Bank of Industry Development Funding Scheme (₦1 billion for industrial growth),SAfER SME Loan Scheme (2023), ₦500 million at single-digit interest rates to over 2,300 small business owners, Also, in 2026, another N750 million distributed to beneficiaries at a single digit interest through seven Microfinance banks across geopolitical zones in Oyo state, Presidential Conditional Grant for Nano Businesses (2024), ₦1.8 billion to 36,549 beneficiaries across all 33 local government areas, Additional grants under NG-CARES exceeding ₦1.5 billion to more than 906,000 beneficiaries.

While loan repayment remains a challenge for sustainability, these interventions have boosted incomes, created jobs, and enhanced economic resilience for artisans, traders, and entrepreneurs.

Recognition and Broader Milestones
Oyo State’s investor-friendly reforms have earned national acclaim.

The state ranked third in the 2025 Subnational Ease of Doing Business Report by the Presidential Enabling Business Environment Council (PEBEC) with a score of 62.7%, behind only Lagos and Kaduna.

Additionally, Oyo became the first sub-national government in Africa to fully domesticate the African Continental Free Trade Area (AfCFTA) Implementation Strategy, positioning it as a hub for agribusiness, logistics, and regional trade.

The agency continues to maintain a robust PPP pipeline in tourism (including Expressions of Interest for sites such as Eleyele Lake and other Focus 5 tourism investment sites), renewable energy, healthcare, and urban development.

Its “Oyo State Investors After-Care Services” programme provides ongoing support to existing investors.

A Model of Investment-Driven Governance
From its establishment in 2019 to date, OYSIPA has demonstrated that strategic investment, innovative financing, and transparent PPPs can deliver tangible infrastructure, revive assets, empower citizens, and drive sustainable growth, all without imposing new taxes on the people.

Under the visionary leadership of Governor Seyi Makinde and the dedicated management of Director-General Mr. Olatilewa Folami, Oyo State is building a resilient, investment-driven economy focused on shared prosperity.

As the state advances into 2026 and beyond, OYSIPA remains central to unlocking Oyo’s vast potential for inclusive development.