Oyo invests N1.35bn in sugar factory and tech university

The Oyo State Executive Council has sanctioned an investment of N850 million in Oyo Sugarcane Processors Limited, located in Iseyin, via the state-owned Pacesetter Holdings Limited. Additionally, the council approved N500 million as a capital grant for Abiola Ajimobi Technical University in Ibadan.

These decisions were revealed during a press briefing held at the Secretariat in Agodi, Ibadan, on Tuesday, which was jointly conducted by Dotun Oyelade, the Commissioner for Information, and Saliu Adelabu, the Commissioner for Education, Science and Technology.

Oyelade also announced an expansion in the fleet for Operation Burst, with an increase to 60 vehicles, following the acquisition of 40 additional security vehicles. He noted that other security agencies, including the army, police, and civil defense, have also received more vehicles. Notably, the state’s Amotekun corps now possesses the largest number of security vehicles—150—and boasts the highest number of personnel, around 2,000, and the best compensation package in the southwest region.

The investment in Oyo Sugarcane Processors Limited, which is currently valued at N4.9 billion and is 90% complete, aims to boost the local economy by generating approximately 3,000 direct and indirect job opportunities upon its expected completion next year.

In addition, the council approved N500 million as a capital grant for Abiola Ajimobi Technical University to support the accreditation of its programs for the 2024/2025 academic session by the National Universities Commission. The government also allocated over N900 million as a counterpart fund to collaborate with the World Bank, which had previously contributed N1 billion to the state through the Better Education Service Delivery For All initiative. This funding is intended to enhance educational development in the state, address the issue of out-of-school children, and improve infrastructure and school facilities statewide.