Oyo government, Euro FMCG sign deal to kickstart Oluyole Free Trade Zone

By Adejayan Gbenga –

The Oyo State Government and Euro FMCG Universal Beverages Limited have signed a joint venture agreement to kickstart the Oluyole Free Trade Zone (FTZ), a project aimed at driving industrial growth, creating thousands of jobs, and boosting the state’s economy.

Speaking at the signing ceremony on Wednesday in Ibadan, Governor Seyi Makinde said the Oluyole FTZ would become a model of innovation and industrial excellence. Represented by his Chief of Staff, Otunba Segun Ogunwuyi, he stressed that his administration remains committed to building an open, competitive economy that attracts investors.

Makinde explained that the FTZ would serve as a catalyst for job creation, value addition, and long-term economic growth. The activation of the zone would begin with the first quadrant—named CGM-Oluyole Free Trade Zone—covering 500 hectares of land.

He said the partnership with Euro FMCG Universal Beverages Limited would unlock the full potential of the zone, expand industrial capacity, and build an investment ecosystem capable of supporting both local and export-driven production. He described the company as a strategic investor with the vision and expertise required to transform the FTZ.

“This project is more than a development initiative; it is a foundation for shared prosperity,” Makinde affirmed, expressing optimism that the zone would soon emerge as a benchmark for excellence and innovation in Nigeria’s industrial sector.

Chairman of Euro FMCG Universal Beverages, Mr Tun Tun Win, commended the state government for fostering a business-friendly environment. He assured that the company would commence operations immediately, noting that the FTZ would generate jobs, support domestic supply chains, boost exports, and increase the state’s revenue base.

Director-general of the Oyo State Investment and Public-Private Partnership Agency (OYSIPA), Mr Tilewa Folami, also praised Governor Makinde for his commitment to economic expansion through strategic partnerships. He said the zone, located along the Senator Rashidi Ladoja Circular Road corridor, would accelerate industrialisation within the state.

The signing ceremony was attended by senior government officials, including the commissioners for lands, budget and economic planning, and justice, as well as traditional rulers, security chiefs, and representatives of Euro FMCG Universal Beverages Limited.