Oyo State Governor, Engr. Seyi Makinde, has announced the establishment of a $100 million Sovereign Wealth Fund (SWF) to safeguard the state’s long-term economic future and strengthen its participation in continental trade.
Makinde, who first hinted at the initiative last year, confirmed on Thursday that the fund had already received an initial deposit of over $6 million.
Speaking during a post-engagement media briefing following the stakeholders’ meeting on the implementation of the African Continental Free Trade Area (AfCFTA) strategy in Ibadan, the Governor said the fund would serve as a strategic reserve to support Oyo’s long-term development agenda.
“We are taking deliberate steps to build an economic future that is resilient, forward-looking, and inclusive. The Sovereign Wealth Fund will be a critical part of that future,” Makinde stated.
He explained that the SWF will complement Oyo’s participation in the AfCFTA, a continental initiative designed to boost intra-African trade, while ensuring local businesses benefit from regional integration.
Makinde added that the Oyo Trade Portal, launched to facilitate trade participation, will help smallholder farmers, MSMEs, and entrepreneurs access new markets across Africa.
“Our small businesses and farmers are not left out. With the trade portal now active, they can access new markets across Africa,” he added.
The Special Adviser to the Governor on International Trade and AfCFTA, Ms. Neo Theodore Tihaselo, described Oyo State as a “trailblazer” in sub-national trade policy, noting it is the first state to formally sign on to the AfCFTA implementation strategy.
“This gives us the status of a recognised trading partner under AfCFTA, effectively opening the door for direct international trade and commerce,” she said.
She added that the recognition positions Oyo among globally active economic units, with enhanced access to investment inflows, trade agreements, and business partnerships across the continent.
The AfCFTA engagement attracted key stakeholders from government, trade associations, the private sector, and the international community, all seeking to unlock the benefits of the world’s largest free trade area by population and membership.
Governor Makinde reaffirmed his administration’s commitment to building an economy beyond federal allocations, anchored on innovation, investment, and strategic planning.
“We are not just thinking about today; we are securing tomorrow. The SWF, AfCFTA strategy, and our digital infrastructure are all pillars of a smarter, stronger Oyo State,” he added.
