Oyo Approves N3bn for Cocoa Rejuvenation Project

The Oyo State Government has reaffirmed its commitment to restoring cocoa production as one of the state’s major economic pillars, approving over N3bn for the establishment of a comprehensive Cocoa Rejuvenation Project.

The approval, amounting to N3,030,292,472, was issued during the State Executive Council meeting held on Tuesday, according to the Commissioner for Information, Prince Dotun Oyelade. The project will be executed through a Public-Private Partnership led by the Oyo State Agribusiness Development Agency (OYSADA) and the International Institute of Tropical Agriculture (IITA).

The government noted that the initiative is necessary as Oyo currently ranks fourth among Nigeria’s 18 cocoa-producing states. It added that the state aims to leverage disruptions in global cocoa production, particularly in Ghana and Côte d’Ivoire, to expand its market share.

Oyelade explained that the Cocoa Rejuvenation Project, valued at $2,075,547, will be funded in three tranches over the next three years to rebuild the sector and strengthen the state’s agricultural economy.

He further disclosed that the State Executive Council supported the call by Southwest governors for the establishment of State Police, noting that local policing has become more urgent amid declining youth interest in joining the military.

“The Council lauded the foresight of Governor Seyi Makinde to procure two surveillance aircraft for the state security architecture, enabling better tracking of criminal activities and strengthening Amotekun, which remains the best staffed and equipped in the Southwest,” he said.

“Additionally, the Council approved a €50 million loan for the Oyo State Health Care Initiative, intended for the upgrade and equipping of state hospitals. The loan, which has been approved by the Federal Ministry of Finance and the State Assembly, will significantly improve healthcare delivery,” he added.

The Council also approved the Oyo State Water, Sanitation and Hygiene (WASH) Policy, which is expected to unlock access to funding from the Federal Government, World Bank, African Development Bank, and other partners, while simultaneously endorsing the establishment of Climate Action Plans and Policies backed by a N270m bank guarantee, along with a N400m approval for the 2026 Business Enabling Reforms Action Plan.