The Oyo State Government has reaffirmed its commitment to attracting credible private sector investments that will stimulate economic growth, create wealth and support sustainable development across the State.
The Commissioner for Investment, Trade, Cooperatives, and Industry, Professor Salih Adelabu, stated this while receiving a delegation from Gestpoint Nigeria Limited, led by the Ibadan Branch Manager, Mrs Funmilola Taiwo, along with Mr Myodele, Gestpoint Consultant, and other team members, during a meeting held at his office.
Professor Adelabu described cocoa as a major economic crop that played a significant role in the development of the old Western Region, noting that the sector requires renewed attention to unlock its economic potential. He disclosed that Oyo State already has ongoing initiatives on cocoa plantation and investment, adding that the government remains open to proposals that align with the State’s economic development agenda.
The Commissioner emphasised that any partnership with the Government must be based on a well-defined framework that clearly outlines the roles of all parties. Drawing examples from successful investment models in Malaysia and Rivers State, he emphasised the need for thorough stakeholder engagement, proper due diligence and clearly defined responsibilities relating to land, financing, technical expertise and off-taking arrangements. He therefore directed the company to formally submit its proposal to the Ministry for further evaluation and necessary engagements.
Earlier, the Permanent Secretary, Ministry of Investment, Trade, Cooperatives and Industry, Mr Olajide Mamud Okesade, informed the Commissioner that the Ministry had earlier met with the company through the Department of Cooperatives and commenced preliminary discussions on its proposed cocoa investment initiative.
Mr Okesade explained that the discussions had not been concluded, adding that the proposal was presented to enable the Honourable Commissioner to determine whether it aligns with Governor Seyi Makinde’s vision of expanding investment opportunities and enhancing the State’s Gross Domestic Product (GDP). He recalled that during the earlier engagement, the Ministry encouraged the company to explore the possibility of establishing a similar cocoa plantation project in Oyo State, particularly in suitable locations within the Oke-Ogun axis, in collaboration with the Ministry of Agriculture and Rural Development, the Cocoa Development Unit (CDU) and other relevant stakeholders.
Presenting the company’s proposal, the Ibadan Branch Manager of Gestpoint Nigeria Limited, Mrs Funmilola Taiwo and Mr Moses Ayodele, Gestpoint Consultant said the company’s Cocoa RepubliQ project is located at Shapala Village, Obafemi Owode Local Government Area of Ogun State and combines agricultural investment with land ownership.
She explained that under the company’s investment model, investors acquire agricultural land while Gestpoint manages land preparation, planting, cultivation, harvesting and marketing of hybrid cocoa seedlings expected to attain commercial production after about three years. According to her, each acre accommodates approximately 400 cocoa trees, while the company also provides insurance cover, security, regular project updates and a revenue-sharing arrangement for continued plantation management. She added that the initiative is designed to provide investment opportunities for individuals and cooperative societies, including those who may jointly acquire farmland.
The meeting formed part of the Ministry’s continuous engagement with prospective investors aimed at evaluating investment proposals capable of promoting private sector participation, agricultural value chain development and sustainable economic growth in Oyo State, in line with established government procedures.
