The Oyo State Government has approved the sum of ₦3,030,292,472 for the establishment of a landmark Cocoa Rejuvenation Project, a strategic intervention expected to reposition the state as a major global player in cocoa production.
In a statement signed by the Commissioner for Information, Prince Dotun Oyelade, the project will be implemented through a Public-Private Partnership (PPP) and coordinated by the Oyo State Agribusiness Development Agency (OYSADA) under the leadership of the Executive Adviser to the Governor on International Cooperation and Development and pioneer Director-General of OYSADA, Dr. Debo Akande, in collaboration with the International Institute of Tropical Agriculture (IITA).
According to the Commissioner, the initiative is timely and necessary, as Oyo State currently ranks fourth among Nigeria’s 18 cocoa-producing states. He added that the government is seizing a strategic opportunity created by disruptions in cocoa output from major producers such as Ghana and Côte d’Ivoire, positioning Oyo State to fill emerging supply gaps in the global market.
Speaking on the development, Dr. Debo Akande praised Governor Seyi Makinde for his foresight, commitment, and strategic thinking, describing the approval as another landmark in the governor’s Agribusiness transformation agenda.
“Let’s give it to the visionary Governor Seyi Makinde for his efforts and understanding. After all options were weighed, this establishment became the right step forward. I can confidently assure the people of Oyo State that we are close to a Canaan land full of milk and honey,” he said.
He further noted that the Cocoa Rejuvenation Project, valued at $2,075,547, will be executed in three funding tranches over the next three years, enabling sustained investment in high-yield cocoa varieties, improved farming systems, and value-chain optimization.
Dr. Akande expressed optimism that the initiative will not only boost production but also elevate Oyo State’s global visibility in Agribusiness.
“This is a welcome development, and for us at OYSADA, we shall bring out the best from this establishment and beyond. Oyo State will soon be independent of Federal allocation,” he assured.
With this approval, Oyo State strengthens its position as one of Nigeria’s most ambitious Agricultural states, setting a new benchmark for sub national economic diversification and Agribusiness-led development he concluded.
Moyosoreoluwa Olamilekan Eldreez
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