Oyo State has always been a land of resilience, enterprise, and deep cultural heritage. Beyond its illustrious past lies an even greater opportunity: to deliberately build a modern, inclusive, and sustainable subnational economy. I describe this vision as “Oyonomy” the strategic management, growth, and deployment of Oyo State’s economic resources to create shared prosperity for all its people.
Oyonomy is not a slogan; it is a framework for action. Citizens place enormous hope in government policies and programmes, believing they can improve livelihoods and secure the future. Meeting these expectations is not merely governance; it is the foundation of trust, economic stability, and long-term development. For Oyo State to truly prosper, policies must be people-centred, inclusive, and consistently implemented across all regions.
History shows that Oyo has achieved this before. During the Western Region era under the leadership of Chief Obafemi Awolowo, the region made remarkable progress through free and compulsory education, accessible healthcare, strategic infrastructure development, and prudent management of cocoa revenues. Institutions such as WNTV and the Oduduwa Group strengthened human capital, innovation, and economic growth. That legacy proves that with purposeful leadership and deliberate policy choices, Oyo State can once again become a model of subnational economic excellence, not only in Nigeria but across Africa.
Agriculture remains a core pillar of Oyonomy. Supporting farmers with modern tools, improved inputs, training, and access to markets can significantly enhance productivity and rural incomes. Under Governor Seyi Makinde’s administration, initiatives such as tractor subsidies, provision of seeds and fertilizers, support for fish and livestock farmers, and climate-smart training for youths and farmers are steps in the right direction. However, these programs must reach every local government area, including underserved zones such as Oke-Ogun. Equitable implementation is essential to build productivity, inclusion, and public confidence.
Beyond agriculture, industrialisation is critical for sustainable growth. Oyo State must attract local and foreign investors to establish factories that create jobs and diversify the economy. Sectors such as textiles and apparel, agro-processing, pharmaceuticals, chemicals, ceramics, plastics, steel, motor vehicle assembly, and light manufacturing all hold strong potential. Government support must extend beyond regulation and taxation to include infrastructure, industrial zones, incentives, and guaranteed market access. Prioritising local entrepreneurs in government procurement ensures economic growth translates into widespread participation and wealth creation.
Infrastructure, energy, and basic services are critical enablers of Oyonomy. Oyo State’s economy cannot grow without reliable roads, markets, bus terminals, logistics hubs, electricity, and water. The bus terminal and 11MW hybrid power project under Governor Seyi Makinde supplying government facilities is a start, but it only hints at what is possible. Scaling solar hybrid mini-grids to rural communities and industrial clusters is essential to reduce reliance on the national grid and drive industrial self-sufficiency. Rail connectivity and the standardization of Samuel Ladoke Akintola Airport to world-class standards will further boost business, tourism, and cargo movement.
In the long term, a state-backed airline; potentially Pacesetter Airline, modeled after Emirates Airlines in Dubai and Qatar Airways, which transformed their nations into global aviation and logistics hubs, combined with the growth of Pacesetter Transport Services into a regional brand, could generate employment, earn foreign currency, and establish Oyo as a key transport hub in West Africa. Strategic investments in aviation and logistics have the power to redefine mobility, stimulate commerce, and expand the state’s economic footprint.
Water supply improvements, though visible in areas like Bodija and Mokola, must be extended statewide. Sanitation and sewage management require credible public-private partnerships to ensure effective waste collection and protect public health. These basic services are essential, they underpin productivity, investor confidence, and quality of life.
Globally, lessons are clear. Saudi Arabia transformed its economy through resource management and infrastructure investment, while Japan, with almost no domestic oil, has one of the most advanced refining and energy sectors in the world. Oyo does not have the luxury of oil; it must maximize its mineral resources responsibly. The Oyo State Solid Minerals Development Agency (OYSMIDA) must attract investors, regulate mining, protect the environment, and ensure communities benefit. Gemstones, industrial minerals, and quarry materials should be exploited legally and sustainably, prioritizing wealth creation alongside environmental stewardship.
Critical gaps remain. Roads need urgent rehabilitation, public amenities require modernization, and energy and water access must extend beyond government offices to fuel real industrial and commercial activity. Expanding solar mini-grids, improving rural roads, modernizing transport hubs, and extending water and sanitation services are non-negotiable for meaningful economic transformation. Oyo’s potential will not be realized through slogans or isolated projects; it requires deliberate, consistent, and measurable interventions.
Effective governance must be digital, accessible, and decentralized. Citizens in Oke-Ogun, Ogbomoso, and other regions should not travel to Ibadan for routine documentation. Decentralized liaison offices and robust digital government platforms will reduce bureaucracy, improve efficiency, and limit corruption. A genuinely improved ease of doing business, supported by transparent regulations, access to finance, and non-partisan support programmes, will attract private investment and encourage entrepreneurship across the state.
No economy can thrive without safety. Amotekun should be professionalized, well-trained, and segmented into specialized units for community safety, commercial protection, and emergency response.
Oyo State’s cultural capital is a powerful economic asset. Festivals such as Sango, Egungun, and the Igboora Twins Festival, alongside film villages like KAP Film Village and Chatta Film Village, position the state to become a vibrant centre for arts, tourism, and culture.
Strengthening the Broadcasting Corporation of Oyo State (BCOS) to broadcast globally even in Yoruba can project Oyo’s culture to the world in the same way media platforms have elevated Qatar’s global profile. The Al Jazeera Media Network, founded in Qatar and now broadcasting in more than 150 countries to hundreds of millions of viewers, has helped shape international perceptions of the country and its people while promoting cultural narratives beyond its borders.
Updated hospitality regulations and enhanced infrastructure, accommodation, and food services will further support tourism, hospitality, and creative industries, turning cultural heritage into sustainable economic value while connecting Oyo’s stories and experiences to global audiences.
Financial inclusion is central to Oyonomy. Grants, MSME loans, and capacity-building programs must expand to ensure that citizens and entrepreneurs fully participate in the state’s economic growth. Pacesetter Microfinance Bank can be strengthened into a national microfinance institution and, over time, a regional West African player, following the model of prominent state-backed institutions.
For instance, the Export-Import Bank of China (Exim Bank of China) is fully state-owned and operates globally, financing trade and investment projects worldwide. Similarly, the Bank of China (BOC), one of China’s major state-owned commercial banks, has branches in nearly every major financial center globally. By emulating these models, Pacesetter Bank can provide comprehensive financial services, attract investments, and generate sustainable revenue beyond statutory allocations, positioning Oyo as a hub for financial inclusion and economic growth.
Beyond public-private partnerships, Oyo State can adopt a strategic investment approach to generate sustainable revenue. For example, Qatar purchased the former US Embassy in London and converted it into a hotel, turning a dormant property into a profitable asset. Oyo can replicate this model by investing directly in commercial real estate, shopping complexes, office spaces, and mixed-use developments within the state, nationally, and potentially internationally. Such investments create long-term revenue streams, reduce dependence on statutory allocations, and fund critical infrastructure and social programmes.
Education and healthcare are foundational pillars of Oyonomy. Recent reforms; free exams, abolition of levies, digital learning, upgraded schools, and specialized secondary institutions are commendable, but Oyo must build on these gains strategically. A model similar to the University of London, which brings together multiple colleges with specialized focuses under one umbrella, demonstrates how diverse institutions can operate cohesively while maintaining excellence.
Oyo’s state-owned universities and colleges must be empowered to fulfill their core mandates without distraction. Emmanuel Alayade University of Education, Oyo, should focus on education, while Ladoke Akintola University of Technology, Ogbomoso, strengthens its technology mandate. The Oyo State College of Agriculture and Technology, Igboora, can be upgraded to a university dedicated to agriculture, and Abiola Ajimobi Technical University should deepen its technical education focus. Adeseun Ogundoyin Polytechnic, Eruwa, can evolve into the Adeseun Ogundoyin University of Economics and Political Science, while The Polytechnic, Ibadan, becomes the Oyo State University of Law. Michael Koleosho Polytechnic, Shaki, should transform into a general university, Michael Koleosho University, covering multiple disciplines. Similarly, the Oyo State College of Health Science and Technology, Eleyele, Ibadan, can become the Oyo State University of Health Science and Technology, focusing on health sciences, and The College of Education, Lanlate, can become the University of Creative Arts.
These upgrades will strengthen vocational, technical, and professional skills while expanding opportunities for specialized education. In healthcare, transformation must prioritize digital systems, efficiency, and universal access, ensuring quality care reaches every citizen. Education and health are not merely social services, they are investments in human capital that underpin productivity, innovation, and long-term economic growth.
Oyonomy is more than a vision; it is a call to deliberate, measurable action. Oyo State’s future cannot be left to slogans, half-measures, or election-year promises. The infrastructure, education, healthcare, industry, and financial systems needed to transform the state cannot wait until 2027.
Politicians and policymakers must choose between short-term political gains and long-term prosperity. The path to sustained growth lies in consistent, people-centered strategies: upgrading schools and universities, expanding healthcare access, modernizing infrastructure, investing in industry and logistics, and leveraging state assets for sustainable revenue.
Oyo has the talent, resources, and cultural capital to become a model subnational economy. But it requires leaders willing to prioritize development over politics, make tough strategic decisions, and hold themselves accountable to measurable outcomes. The time for incremental gestures has passed. If Oyo is to truly thrive, action must start today, not in the shadow of an election.
My message is clear: invest in Oyonomy, or risk leaving Oyo’s full potential untapped for another generation.
Idris Eboade is a venture builder who writes from Lagos. You can reach me at eboadeidris@gmail.com.
