Key Points

• Oyo agricultural investment credited with stabilizing food prices.

• Over ₦20 billion injected into agribusiness projects statewide.

• Governor Makinde says reforms align with national food security goals.

The government of Oyo State says that its ongoing investments in commercial agriculture have helped lower food prices and increase the amount of food available in the state. Governor Seyi Makinde said this during a press conference at the Fasola Agribusiness Industrial Hub in Oyo Town on Sunday, after looking at farming projects that the state is helping with.

Makinde says that Oyo’s agribusiness push, which is being carried out by the Oyo State Agribusiness Development Agency (OYSADA), is starting to work to keep prices of important foods like maize, cassava, tomatoes, and soybeans stable.

“We are seeing good results from the money we spent in the last three years.” “The cost of making things is going down, the amount of food is going up, and the prices of food are starting to go down,” the governor said.

Oyo’s investment in farming is having a real effect on the market

Dr. Debo Akande, the Executive Chairman of OYSADA, said that the agency has helped the private sector invest more than ₦20 billion since 2021 through farm estates and processing partnerships in Eruwa, Fasola, and Akufo. He said that more than 15,000 farmers have directly benefited from the program, which has helped them with better irrigation systems, modern machinery, and fertiliser subsidies.

Makinde said that the state had built more than 400 kilometres of rural access roads as part of the Rural Access and Agricultural Marketing Project (RAAMP). These roads connect smallholder farmers to big food markets in Ibadan, Ogbomoso, and Iseyin. He went on to say, “These efforts have lowered transportation costs and losses after harvest.”

Partnerships with the private sector make Oyo’s agricultural investments stronger

The Oyo agricultural investment plan has led to partnerships with companies like FrieslandCampina WAMCO, the British American Tobacco Foundation, and Dangote Farms. These companies now run out-grower programs with local cooperatives. The government is also working with the Central Bank of Nigeria’s Anchor Borrowers’ Program to help small farmers get more low-interest loans.

Barrister Olasunkanmi Olaleye, Oyo’s Commissioner for Agriculture and Rural Development, said that the government’s consistent policies and better security around farm settlements have made investors more confident in the sector.

Oyo’s investment in agriculture is in line with its goals for food security

According to Makinde, the plan fits with President Bola Tinubu’s goal of making sure everyone in the country has enough food and the African Development Bank’s (AfDB) “Feed Africa” project. The governor said, “We’re not just planting for food; we’re building value chains that create jobs and help agro-processing.”

Dr. Adeyemi Adesina, an economic analyst at the University of Ibadan, said that the policy “could have a long-term impact if it lasts beyond the current administration.”