The Director General of Oyo State Agribusiness Development Agency (OYSADA), Dr Debo AkandeIndependent | 30 August 2025
Chinese investor’s $500m deal validates Makinde’s commitment on agribusiness
by Kazeem Awojoodu
IBADAN – The Director General of Oyo State Agribusiness Development Agency (OYSADA), Dr Debo Akande has linked the recent visit of Chinese investors to some agribusiness potential sites in the state to Governor Seyi Makinde’s proactiveness and commitment to agribusiness development.
The Chinese investors came to Oyo State proposing an initial $500 million commitment to agribusiness.
The high-powered delegation from the China Overseas Engineering Corporation (COVEC) headed by Ms Dong Guoping were brought to the State by Nigeria Investment Promotion Commission (NIPC) led by Mr Abubakar Yerima, Director, Strategy Services, who represented the Executive Secretary/ CEO of NIPC Ms Aisha Rimi.
The investors were hosted by Governor Seyi Makinde who noted that investments in agribusiness development and value chain are part of his visions in expanding the economy of the state as well attracting more investors to the state.
Governor Makinde, who spoke through the Deputy Governor, Barr. Abdulraheem Bayo Lawal, maintained that the state has a comparative advantage in agriculture and has also invested in enablers such as infrastructure and security, calling on the Chinese investors to partner with the state government to guarantee food security, boost agricultural productivity and make the state a hub for agro-industrial processing, which he noted, would generate thousands of employment opportunities and improve revenue drive.
He assured that the government would provide an enabling environment to support the investors’ vision of partnering with the state.
Speaking with journalists on Friday about the Chinese investors visit to the state, Dr Debo Akande described the partnership as a critical step toward realising the state’s Agribusiness Roadmap.
He highlighted the synergy between the state’s infrastructure drive, such as the Ibadan Circular Road, Lagos-Ibadan rail line, and the ongoing upgrade of the Ibadan Airport and the requirements of the incoming investors.
He said, “This collaboration brings in the kind of capital, knowledge, and innovation we need to scale our existing agribusiness projects and attract further private sector investments,” Akande said. “We’re also improving rural access with 1,200 roads under the World Bank’s RAAMP project, including access to key agricultural locations.” Akande said.
In her remarks, Ms. Guoping reaffirmed COVEC’s commitment to developing a modern agricultural ecosystem in Oyo State. She noted that the project will encompass mechanized farming, high-value crop production, livestock, fisheries, and agro-processing – all powered by advanced technology and global best practices.
“Our mission is to introduce globally tested agricultural practices that will transform farming in Oyo State into a commercially viable and sustainable enterprise,” she said.
The Chinese investors delegation were conducted round agribusiness facilities in the state which includes the Special Agro-Industrial Processing Zone (SAPZ) at Ijaiye, the Fasola Agribusiness Transformation Center, Ikere Gorge Dam and IITA.
COVEC is particularly interested in the Fasola site and plans to develop a fishery facility at the Ikere Gorge Dam, with initial plans to acquire hectares of land for the fishing project.
While speaking with journalists, Mr Abubakar Yerima said, “As part of our strategy under the new leadership, we have adopted a proactive approach. We reached out to Chinese investors in the agribusiness sector, and I am convinced they are ready to invest in Nigeria. This initiative covers the entire agricultural value chain, as they plan to invest in crop production, processing, marketing, livestock production, and fisheries development.