The Governor of Oyo State, Engr. Seyi Makinde, has emphasised the need for active participation from both local and foreign investors in his efforts to improve the state’s economy.
He expressed this view during the inauguration of the Blue Sapphire District Smart City, located along the Lagos-Ibadan Expressway in Oluyole Local Government Area.
Speaking through the Commissioner for Trade and Investment, Hon. Niyi Adebisi, Governor Makinde disclosed that numerous investors have been drawn to the state since the commencement of his administration.
He further stated that the real estate sector has been receiving a significant boost in the state, and he urged other investors to emulate the initiatives of Tinath Realties Investment Limited.
According to him, “We assure potential investors of a conducive environment, including adequate security and other necessary facilities for their businesses.
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“The Blue Sapphire District Smart City will undoubtedly contribute to the Internally Generated Revenue (IGR) of Oyo State.”
In his remarks, the Chairman of the Oyo State Housing Corporation, Hon. Ademola Omotosho, revealed that over ₦35 billion has been injected into the real estate sector since the beginning of the current administration. He described housing as a critical component of the administration’s roadmap, justifying the substantial investments made in the sector.
Discussing the benefits of the project, the Managing Director of Tinath Realties and Investment Ltd, Kolajo Abimbola, explained that the concept of a Smart City revolves around a circular economy, where people live close to their workplaces to reduce greenhouse gas emissions. The city will also provide business workplaces, a business incubation centre, and entrepreneurship support for the next generation.
“One unique aspect of this project is its eco-restoration component, which includes transforming an old quarry site into an eco-friendly habitat. This has positioned the project as a finalist in the UK 2023 Climate Finance Accelerator Programme in Nigeria.
“Based on designs developed by our international partners in collaboration with our local team, the project will feature 2,880 housing units within this scheme,” Abimbola added.
While commissioning the project, the Chairman of Oluyole Local Government, Engr. Akeem Olatunji, remarked that the initiative would be a game-changer for real estate development, with the potential to stimulate economic growth and attract substantial investments to both the local government and the state as a whole.
Olatunji noted that the project aims to transform abandoned quarry sites and surrounding lands into eco-friendly habitats. He commended Governor Seyi Makinde’s commitment to fostering a business-friendly environment in Oyo State.
“This project reflects the progressive vision of my leader, father, and political mentor, His Excellency Governor Seyi Makinde. The enabling business environment established by the governor is now yielding transformative initiatives like this, which we are fully committed to supporting.
“The Smart City, once completed, is expected to become a hub of innovation and sustainability, offering immense opportunities for investors. Its focus on renewable energy, urban greenery, and eco-friendly design demonstrates the administration’s dedication to creating a sustainable future for our people,” Olatunji said.
He concluded, “This investment in Ibadan Smart City is not merely about infrastructure but also about securing a prosperous future for the people of Oyo State. It promises high returns and sustainable growth.”
