The Oyo State Executive Council has approved the establishment of the Sovereign Wealth Fund to re-energise the economy of the state.
This was one of the decisions taken at the Executive Council meeting which held on Tuesday.
In a statement signed by the Commissioner for Information and Orientation, Prince Dotun Oyelade, the Council identified the establishment of the fund as beneficial to the economic wellbeing of the state, both in the short and long run.
Oyelade noted that the principal objective of the Sovereign Wealth Fund is to generate wealth through diversification and prudent investment practices and transform financial assets of the state into tangible benefits for the masses.
He explained that the establishment will ensure economic stability, long-lasting wealth creation, infrastructural development, and diversification of revenue sources.
Governor Seyi Makinde had earlier confirmed that Oyo State has the economic wherewithal to generate up to $250 million from the project within the next few years.
Oyelade said the Council also approved that Oyo State be more actively involved with the Nigeria Governors’ Forum (NGF), especially in the area of economic cooperation, collaborating with the 35 other state governors to work with a financial consultant to process recovery and reconciliation of the excess crude account and petroleum profit tax account from 2009 to 2015.
He stated: “In a similar manner, 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 area of equitable distribution of funds to the 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 observed local and international interests being shown by various dignitaries to the Fasola hub particularly.”
Oyelade disclosed that 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 in order to consolidate access to portable water in the state and reduce water wastage.
He said: “According to the Council, this will allow the Corporation to repair several pipe leakages and replace old pipelines to ensure the realisation of the Corporation 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).”
Oyelade explained that with the spate of infrastructural development going on all over and the influx of new residents and investors to the state, particularly the municipality, the NTCDA has been mandated to, among other things, facilitate new housing and industrial layouts.
The commissioner revealed that the new parastatal will also 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 talents and foster innovations.
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