Oyo State Government Partners with Euro FMCG Universal Beverages Limited to Develop Oluyole Free Trade Zone

Strategic Insights -

The Oyo State government has partnered with Euro FMCG Universal Beverages Limited, a Singapore-based company, to develop the Oluyole Free Trade Zone. As part of the public-private partnership, the state government handed over 500 hectares of land along the Lagos-Ibadan Expressway to the company. The partnership is aimed at driving and expanding the state's economy as outlined in Governor Seyi Makinde's Roadmap to Sustainable Development Agenda (2023-2027).

Key Takeaways:

  • The partnership involves the development of the Oluyole Free Trade Zone, which will host different sets of industrial activities such as logistics, warehouses, and a hotel.
  • The project, spearheaded by Euro FMCG Universal Beverages Limited, aims to create 5,000 direct jobs for residents of Oyo State within the next 24 months.
  • The state government has assured investors of maximum security and support to fast-track the project, warning land grabbers to steer clear of the area or face the full wrath of the law.
  • The partnership is part of the administration's efforts to industrialise Oyo State through economic development and partnership with companies like Euro FMCG.
  • The Oluyole Free Trade Zone was acquired by the previous administration, but the Makinde-led administration will clear all accumulated and outstanding debts, providing an opportunity for investors to take over the space for industrial purposes.

Statistics:

  • 500 hectares of land handed over to Euro FMCG Universal Beverages Limited for the development of the Oluyole Free Trade Zone.
  • 1,700 hectares of land allocated for the Oluyole Free Trade Zone.
  • 5,000 direct jobs expected to be created within the next 24 months.
  • 500 hectares of land to be utilised for industrialisation purposes within the next 24 months
  • 24 months time frame for the creation of 5,000 direct jobs.

Sources:

  • Commissioner for Budget and Economic Planning, Professor Musibau Babatunde
  • Director of Operations and Business Development, Euro FMCG Universal Beverages Limited, Mr Rajesh Koleti
  • Governor Seyi Makinde's Roadmap to Sustainable Development Agenda (2023-2027)