Oyo records N8.7bn rise in IGR amid investment reforms

By Adejayan Gbenga –

Oyo State’s Internally Generated Revenue (IGR) has grown significantly from N1.7 billion in 2019 to N8.7 billion as of June 2025. The Director-General of the Oyo State Investment and Public-Private Partnership Agency (OYSIPA), Mr. Tilewa Folami, made this known during the Omituntun 2.0 Inter-Ministerial Press Briefing at the Governor’s Office, Ibadan.

Folami credited the growth to the strategic reforms of Governor Seyi Makinde’s administration, which he said have attracted investments and strengthened infrastructure. He emphasized that the establishment of OYSIPA in 2019 was instrumental in repositioning the state’s economy for sustainable development.

He noted that the agency, modeled after the Nigeria Investment Promotion Council (NIPC), has adopted innovative financing models, including the Alternative Project Financing Approach (APFA), allowing private investors to fund key projects while the state repays over time.

Key projects delivered through OYSIPA include the 21km Ajia-Airport Road, 7.52km Idi Ape-Bashorun-Akobo Road, and the 9.7km Saki Township Road. The agency also oversaw the rehabilitation of Oyo-Iseyin Road and the upgrade of the Lekan Salami Sports Complex in Ibadan.

Other achievements include the revival of the Ijaiye Asphalt Quarry, the restoration of Captain Bower’s Tower, and the reconstruction of the Oyo State Lodge in Abuja. The 110km Ibadan Circular Road project is also underway, with over 32km completed, alongside upgrades at the Ibadan Airport.

In the housing and commerce sectors, OYSIPA has backed developments like Rayfield Garden, Yekini Adeojo GRA, and new shopping complexes at Bola Ige International Market to drive urban renewal and economic growth.

Folami also highlighted the administration’s support for small businesses, with over N1.5 billion disbursed to 906,000 beneficiaries under NG-CARES, N500 million in loans through the SAfER initiative, and N1.8 billion grants distributed to 37,000 nano enterprises.

He reaffirmed OYSIPA’s commitment to inclusive development aligned with Governor Makinde’s Roadmap for Sustainable Development, promising to sustain efforts that foster job creation and improve living standards across the state.