As part of plans to transform existing under-utilised and moribund farm settlements in Oyo State to agribusiness industrial parks, Governor Seyi Makinde has flagged off the construction of 1,200-hectare Fasola Agro-Industrial Hub project in Fashola, Oyo West Local Council of the state.
The Industrial Hub to be constructed by Brains and Hammers is the first of nine integrated agro-industrial parks that will be built across the state by the Oyo State Agribusiness Development Agency (OYSADA).
Immediately he assumed office, Makinde had promised to transform the farm settlements in the state to nine agribusiness industrial parks with the aim of making the state’s agricultural sector globally competitive.
In 2019, the State House of Assembly approved Makinde’s request to deploy the N7.6b loan sourced from the CBN in 2017 under the Commercial Agriculture Credit Scheme (CACs) to the provision of infrastructure required for agro-industrial activities on the moribund farm settlements.
“Agriculture is where we think we have comparative advantage and we are looking at agro-processing to expand our economy,” Governor Makinde said.
According to a statement from OYSADA, the project aims also to contribute to the structural transformation of the economy, job creation and poverty reduction by contributing to inclusive and sustainable agro-industrial development in the state.
“Fasola is an ideal location since it is in the heart of farmland, yet has easy access for distribution and the construction of the park is expected to create employment for over 1,000 people in the immediate area.
“On completion, the Fasola Agro-Industrial Hub will include dedicated crop and livestock production facilities, research and innovation centres, processing facilities, agricultural equipment leasing facilities, cold-chain, storage, packaging, distribution and export facilities and a sprawling residential area.”
Speaking at the inauguration, Makinde who led the cornerstone laying ceremony marking the launch of the park’s construction phase reiterated his administration’s resolve to foster a rapid industrialisation path through encouraging manufacturing and agro-processing industries.
The Governor said his administration has given top priority to the regeneration of moribund facilities with economic potential as a means of rebuilding the state’s economy.
He said: “The industrial hubs will play a crucial role in advancing the state’s economy, reducing rural poverty and creating a better environment for investors in agro-food and allied sectors.
“We are determined to rebuild the economy of the state and we will extract value from all moribund facilities.”