Oyo approves business reforms to attract investors
The Oyo State Executive Council has approved the Business-Enabling Reforms Action Plan to drive economic growth and development in 2025.
In a statement on Wednesday, the Commissioner for Information and Orientation, Prince Dotun Oyelade, highlighted that the approval aims to enhance the ease of doing business and attract more investors to the state.
Presenting the proposal at the Executive Council meeting on Tuesday, the Commissioner for Budget and Economic Planning, Prof. Musbau Babatunde, explained that BERAP would improve corporate access to skilled labour through the implementation of a labour electronic register.
“By this approval, the Gross Domestic Product (GDP) of the state will improve while the expected Non-Oil Export revenue will trigger the economy of the state,” Babatunde noted.
The plan also includes the creation of an Export Cluster focusing on Cashew, Shea butter, and Arts and Crafts to bolster economic diversification.
“The Ministry of Budget and Economic Planning will work with the Ministry of Trade, Industry and Cooperatives, the Oyo State Investment Promotion Agency and the Office of the Accountant-General to implement the Business-Enabling Reforms Action Plan, starting from 2025,” Babatunde added.
The statement further expressed the Council’s gratitude to Governor Seyi Makinde for his financial support to Mr. Sola Ajayi, a Senior Cameraman with the Broadcasting Corporation of Oyo State, who sustained a spinal cord injury from an accident.
Makinde thanked the Executive Council members for their dedication throughout 2024, acknowledging that 2025 may present greater challenges.
Nevertheless, he assured that the government remains committed to achieving its developmental goals.
