The Oyo State Government has approved a major investment of ₦3,030,292,472 to revitalise cocoa production and restore the crop’s role as one of the state’s major economic drivers. The initiative, known as the Cocoa Rejuvenation Project, was announced on Wednesday in a statement issued by the Commissioner for Information, Dotun Oyelade, and made available in Ibadan.
According to Oyelade, the State Executive Council granted approval for the multibillion-naira project, which will be implemented through a Public-Private Partnership arrangement. The programme will be jointly coordinated by the Oyo State Agribusiness Development Agency and the International Institute of Tropical Agriculture (IITA), both of which will oversee the strategic revival of cocoa farming across the state.
Oyelade explained that Oyo remains the fourth-largest cocoa producer among Nigeria’s 18 cocoa-producing states. With supply disruptions currently affecting major global producers such as Ghana and Côte d’Ivoire, the state sees an opportunity to reclaim its historical prominence in the industry. He stated that the new initiative is designed to position Oyo State to meet the growing demand created by the production setbacks in these West African countries.
The commissioner also revealed that the total cost of the Cocoa Rejuvenation Project, estimated at $2,075,547, will be disbursed in three phases over a period of three years. The state hopes that the structured funding plan will ensure steady progress and sustainability throughout the implementation period.
In addition to the cocoa initiative, the Executive Council expressed strong support for the call by South-West governors for the establishment of State Police. Oyelade noted that the declining interest among youths in joining the military makes local policing structures increasingly necessary. He praised Governor Seyi Makinde for his proactive steps in strengthening security within Oyo State, including the acquisition of two surveillance aircraft to monitor security-prone areas and continuous investment in the Amotekun Corps. The council described Amotekun as the most adequately staffed and equipped security outfit in the South-West.
The meeting also approved €50 million for the Oyo State Health Care Initiative. Oyelade disclosed that the loan, secured from the French Government, was first proposed about three years ago but received final approval from the Federal Ministry of Finance in a letter dated November 10, 2025. The fund will support infrastructure upgrades and the equipping of hospitals across the state. The Oyo State House of Assembly has also endorsed the borrowing plan, paving the way for disbursement.
Furthermore, the State Executive Council approved the Oyo State Water, Sanitation, and Hygiene (WASH) Policy. Oyelade said the new policy framework will enable Oyo to benefit from financing opportunities from the Federal Government, the World Bank, the African Development Bank, and other international institutions. The policy aims to end open defecation, ensure universal access to safe sanitation, and promote hygiene practices.
The council also endorsed the establishment of the Oyo State Climate Action Plans and Policies, which will allow the state to partner with a Green Energy Agency. This collaboration will be supported by a ₦270 million bank guarantee to facilitate implementation.
Additionally, the council approved the Business Enabling Reforms Action Plan for 2026 a prerequisite for participating in the national State Action on Business Enabling Reforms. To meet the requirements, the council approved ₦400 million for implementation.
