Table of Contents
Reimagining Oyo State’s Economic Future: The Oyonomy Framework
Oyo State stands as a beacon of resilience, entrepreneurship, and rich cultural traditions. While its historical achievements are commendable, the state now faces an unprecedented opportunity: to intentionally craft a modern, inclusive, and sustainable subnational economy. This vision, which I term “Oyonomy,” represents the strategic stewardship, expansion, and optimal utilization of Oyo’s economic assets to foster shared prosperity for all its residents.
Oyonomy: Beyond a Motto to a Strategic Blueprint
Oyonomy transcends mere rhetoric; it is a comprehensive action plan. The people of Oyo place immense trust in governmental policies and initiatives, expecting tangible improvements in their livelihoods and a secure future. Delivering on these expectations is fundamental-not just for governance but as the cornerstone of trust, economic resilience, and enduring development. For Oyo to flourish, policies must be inclusive, citizen-focused, and uniformly enforced across all localities.
Historical Foundations of Economic Excellence
Oyo’s past offers valuable lessons. During the Western Region era under Chief Obafemi Awolowo’s visionary leadership, the region witnessed transformative progress through free universal education, accessible healthcare, strategic infrastructure projects, and prudent management of cocoa revenues. Institutions like WNTV and the Oduduwa Group played pivotal roles in nurturing human capital, fostering innovation, and stimulating economic growth. This legacy underscores that with intentional leadership and well-crafted policies, Oyo can once again set the standard for subnational economic success, not only within Nigeria but across the African continent.
Agriculture: The Backbone of Oyonomy
Agriculture remains central to Oyo’s economic revival. Empowering farmers with advanced technologies, quality inputs, comprehensive training, and improved market access can dramatically boost productivity and rural incomes. Governor Seyi Makinde’s administration has initiated commendable programs such as tractor subsidies, distribution of seeds and fertilizers, support for aquaculture and livestock farmers, and climate-smart agricultural training targeting youths and farmers alike. However, these initiatives must be equitably extended to all local government areas, especially underserved regions like Oke-Ogun, to ensure balanced growth and public trust.
Industrialization: Diversifying for Sustainable Growth
Industrial development is vital for long-term economic sustainability. Oyo State must create an enabling environment to attract both domestic and international investors to establish manufacturing hubs that generate employment and diversify the economic base. Promising sectors include textiles, agro-processing, pharmaceuticals, chemicals, ceramics, plastics, steel production, automotive assembly, and light manufacturing. Government support should go beyond regulatory frameworks and tax incentives to encompass infrastructure development, creation of industrial parks, and guaranteed market access. Prioritizing local entrepreneurs in public procurement will ensure that economic expansion benefits a broad spectrum of the population.
Infrastructure and Energy: Pillars of Economic Enablement
Robust infrastructure, reliable energy, and essential services are indispensable for Oyonomy’s success. Oyo’s economic growth hinges on dependable road networks, efficient markets, modern bus terminals, logistics centers, stable electricity, and clean water supply. The ongoing projects, such as the bus terminal and the 11MW hybrid power plant powering government facilities, are promising beginnings but only scratch the surface of potential. Expanding solar hybrid mini-grids to rural communities and industrial zones is critical to reducing dependence on the national grid and fostering industrial autonomy. Enhancing rail connectivity and upgrading Samuel Ladoke Akintola Airport to international standards will further catalyze business, tourism, and cargo transport.
Vision for Aviation and Logistics: Positioning Oyo as a Regional Hub
Looking ahead, establishing a state-backed airline-potentially Pacesetter Airline-modeled after global leaders like Emirates and Qatar Airways, could revolutionize Oyo’s transport landscape. These airlines transformed their home countries into global aviation and logistics powerhouses. Coupled with the expansion of Pacesetter Transport Services into a recognized regional brand, such initiatives could create jobs, attract foreign exchange, and establish Oyo as a pivotal transport nexus in West Africa. Strategic investments in aviation and logistics have the capacity to redefine mobility, stimulate commerce, and broaden the state’s economic influence.
Water and Sanitation: Foundations for Health and Productivity
While improvements in water supply are evident in areas like Bodija and Mokola, these must be scaled across the entire state. Effective sanitation and sewage management require robust public-private partnerships to ensure efficient waste collection and safeguard public health. These fundamental services underpin productivity, investor confidence, and overall quality of life.
Leveraging Mineral Resources Responsibly
Global examples offer instructive insights. Saudi Arabia’s economic transformation through resource management and infrastructure investment, and Japan’s advanced refining and energy sectors despite lacking domestic oil, illustrate diverse pathways to prosperity. Oyo, devoid of oil wealth, must responsibly harness its mineral resources. The Oyo State Solid Minerals Development Agency (OYSMIDA) should actively attract investors, enforce mining regulations, protect the environment, and ensure community benefits. Sustainable exploitation of gemstones, industrial minerals, and quarry materials can drive wealth creation while preserving ecological balance.
Addressing Infrastructure Deficits for Economic Transformation
Significant challenges persist. Road networks urgently require rehabilitation, public facilities need modernization, and access to energy and water must extend beyond government offices to stimulate genuine industrial and commercial activity. Expanding solar mini-grids, upgrading rural roads, modernizing transport hubs, and broadening water and sanitation services are essential prerequisites for meaningful economic progress. Oyo’s potential cannot be unlocked through slogans or isolated projects; it demands deliberate, consistent, and measurable interventions.
Governance: Digital, Decentralized, and Citizen-Centric
Effective governance must embrace digitalization, accessibility, and decentralization. Residents in Oke-Ogun, Ogbomoso, and other regions should not be compelled to travel to Ibadan for routine administrative tasks. Establishing decentralized liaison offices and robust digital government platforms will reduce bureaucracy, enhance efficiency, and curb corruption. Improving the ease of doing business through transparent regulations, accessible financing, and impartial support programs will attract private investment and nurture entrepreneurship statewide.
Ensuring Security for Economic Stability
Economic growth is inseparable from security. The Amotekun security outfit should be professionalized, well-trained, and organized into specialized units focusing on community safety, commercial protection, and emergency response to foster a secure environment conducive to investment and development.
Cultural Heritage as an Economic Catalyst
Oyo’s rich cultural heritage is a potent economic resource. Festivals such as Sango, Egungun, and the Igboora Twins Festival, alongside creative hubs like KAP Film Village and Chatta Film Village, position the state as a vibrant center for arts, tourism, and culture. Strengthening the Broadcasting Corporation of Oyo State (BCOS) to reach global audiences, including Yoruba-speaking communities worldwide, can elevate Oyo’s cultural profile similarly to how Qatar’s Al Jazeera Media Network has shaped international perceptions and promoted cultural narratives.
Enhancing hospitality regulations and upgrading infrastructure, accommodation, and food services will further bolster tourism, hospitality, and creative industries, transforming cultural heritage into sustainable economic value and connecting Oyo’s stories to global audiences.
Financial Inclusion: Empowering Citizens and Entrepreneurs
Financial inclusion is a cornerstone of Oyonomy. Expanding grants, micro, small, and medium enterprise (MSME) loans, and capacity-building initiatives will ensure broad participation in economic growth. Strengthening Pacesetter Microfinance Bank into a national institution and eventually a regional player in West Africa, inspired by models like China’s Export-Import Bank and Bank of China, can provide comprehensive financial services, attract investments, and generate sustainable revenue beyond statutory allocations.
Strategic Investments for Sustainable Revenue
Beyond public-private partnerships, Oyo can adopt strategic investment approaches to generate steady income streams. For example, Qatar’s acquisition and conversion of the former US Embassy in London into a profitable hotel exemplifies how dormant assets can be transformed into revenue-generating ventures. Oyo can replicate this by investing in commercial real estate, shopping centers, office complexes, and mixed-use developments locally, nationally, and internationally. Such investments reduce reliance on statutory allocations and fund critical infrastructure and social programs.
Education and Healthcare: Pillars of Human Capital Development
Education and healthcare form the bedrock of Oyonomy. Recent reforms-such as free examinations, elimination of levies, digital learning initiatives, school upgrades, and specialized secondary institutions-are commendable but require strategic expansion. A model akin to the University of London, which unites multiple specialized colleges under one umbrella while maintaining excellence, offers a blueprint for Oyo’s higher education system.
State-owned universities and colleges should be empowered to focus on their core mandates: Emmanuel Alayade University of Education on education; Ladoke Akintola University of Technology on technology; Oyo State College of Agriculture and Technology’s elevation to a university dedicated to agriculture; Abiola Ajimobi Technical University’s deepening of technical education; Adeseun Ogundoyin Polytechnic’s transformation into a university of economics and political science; The Polytechnic, Ibadan’s evolution into a university of law; Michael Koleosho Polytechnic’s upgrade to a multidisciplinary university; Oyo State College of Health Science and Technology’s transition to a university focusing on health sciences; and The College of Education, Lanlate’s development into a university of creative arts.
These enhancements will bolster vocational, technical, and professional skills while expanding specialized educational opportunities. Healthcare transformation must prioritize digitalization, efficiency, and universal access to ensure quality care reaches every citizen. Education and health are not mere social services but vital investments in human capital that drive productivity, innovation, and sustainable economic growth.
Conclusion: The Imperative of Immediate, Measurable Action
Oyonomy is a call to deliberate, measurable action. Oyo State’s future cannot be entrusted to slogans, half-hearted efforts, or election-driven promises. The infrastructure, education, healthcare, industrial capacity, and financial systems necessary for transformation cannot be deferred until 2027.
Policymakers must choose between transient political gains and enduring prosperity. Sustainable growth demands consistent, people-centered strategies: upgrading educational institutions, expanding healthcare access, modernizing infrastructure, investing in industry and logistics, and leveraging state assets for sustainable revenue generation.
Oyo possesses the talent, resources, and cultural wealth to become a model subnational economy. However, this requires leaders committed to prioritizing development over politics, making strategic decisions, and holding themselves accountable to measurable outcomes. The era of incremental gestures is over. For Oyo to truly thrive, decisive action must commence now, beyond the shadow of electoral cycles.
My message is unequivocal: invest in Oyonomy today, or risk consigning Oyo’s vast potential to another generation of underachievement.
Idris Eboade is a venture builder writing from Lagos. Contact: eboadeidris@gmail.com.
