Post COVID-19: Investors to inject N5b into Oyo’s real estate sector

By Olubunmi Osoteku, Ibadan

Governor Seyi Makinde of Oyo State.

The Oyo State Government, on Tuesday, said it has signed a Memorandum of Understanding (MoU) with four private investors towards the development of the Real Estate sector through concessional agreement, as part of plans to rejuvenate the State’s economy, Post COVID-19.

The government, who signed the MoU through the Director-General, Oyo State Investment and Public Private Partnership Agency, Mr Segun Ogunwuyi, with the four investors, explained that the move would see to the injection of N5billion into the Real Estate sector of the State’s economy, adding that the effort would ameliorate the effect of the COVID-19 pandemic.

Ogunwuyi said the initiative is just one of the steps being taken by the Governor Seyi Makinde led administration to help the economy bounce back after the pandemic.

He gave the projects to include the design, construction, commissioning and management of Bodija Recreation Centre by Refcon Limited and the construction of about 360 units of medium and low-cost housing estate on 13 hectares at Ajoda New Town by Remax Realtors.

Other projects include, the development of eleven units of premium 5-bedroom terrace house, with all necessary infrastructure, on a vacant land on Oba Awosika street at Bodija by Wood et al Ltd, and the development of forty-five units of premium 5-bedroom townhouse with necessary infrastructure, on a vacant land at number 1 & 3, Oba Akinyele street, Bodija, Ibadan, by Project Scope Ltd.

According to Ogunwuyi, apart from boosting the State economy with the N5billion, the concessional agreement would also be felt in youth employment and improved commercial atmosphere, adding that the current administration is doing everything possible to turn around the fortune of the State for the better.


Emmanuel Ukoh