Tue. Apr 16th, 2024

By Ojukwu Emmanuel Chiadikaobi

 

Governor Seyi Makinde of Oyo State has finalized a groundbreaking deal with Africorp Consortium, a prominent Moroccan firm, to establish a multimillion-dollar factory in Ibadan, the bustling capital city of the state.

The agreement was officially sealed during a high-level meeting between Governor Makinde and key stakeholders of Africorp Consortium held in Casablanca, Morocco. In a statement released on Tuesday, Governor Makinde expressed his enthusiasm for the partnership, highlighting the potential it holds for job creation and economic empowerment within the state.

Under the leadership of Chairman Saad Berrada Sounni and CEO Jaafar Harti, Africorp Consortium has demonstrated its commitment to the project by fulfilling all necessary requirements, including the payment of fees and acquisition of the designated land for the factory site in Oyo State.

This development marks the culmination of discussions initiated by Governor Makinde in May 2023, when he first revealed ongoing negotiations with Africorp Consortium regarding the establishment of a manufacturing facility in Oyo State. Throughout the deliberations, both parties recognized the favorable business environment and strategic advantages offered by Oyo State, further motivating their decision to pursue this ambitious venture.

The proposed factory, with its substantial investment, is poised to inject new momentum into the industrial landscape of Ibadan and contribute significantly to the state’s economic diversification efforts. It is expected to create job opportunities for local residents, stimulate ancillary industries, and enhance the overall competitiveness of Oyo State in the global market.

Governor Makinde’s proactive approach to attracting foreign investment underscores his administration’s commitment to fostering sustainable economic growth and leveraging strategic partnerships for the benefit of the people of Oyo State. With the groundwork now laid for the establishment of the factory, anticipation is high for the transformative impact it will have on the socioeconomic fabric of the region.

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