The Oyo State Governor, Seyi Makinde, on Wednesday, reiterated his administration’s readiness to partner with investors to unlock the tourism potential of the state.
He also said opportunities exist in the tourism sector, which can lead to prosperity if properly harnessed, adding that there are six major sites of development in the state, namely, Cultural Centre, Ibadan; Bower’s Tower, Eleyele Waterfront, Idere Hills, Iyake suspended lake and Iyamapo Hills.
He made this known at the opening ceremony of the International Tourism Summit tagged #ITSOYOSTATE 2024, held at the International Conference Center, University of Ibadan, Ibadan, the state capital.
The governor promised to support and work with relevant stakeholders and foster a partnership that would lead to sustainable development and guarantee the success of their investments.
Speaking on the theme: “Repositioning Tourism as a Drive for Sustainable Development in Oyo State,” Makinde said his administration had focused on the interconnectivity of all zones, thereby attracting tourists to the sites and creating an enabling environment for tourism to thrive and also deepen the experience for business travellers.
Makinde assured that his government would fix the roads leading to Ikere Gorge Dam and Eruwa Agribusiness Hub soon, as investors have shown readiness to develop the sites.
While appreciating all delegates, investors, and participants present at the event, Makinde assured them of securing their investments.
He said: “When you hear the title of the presentation, the keyword you can quickly identify is unlocking. I always tell people that Nigeria has the potential and we have to unlock it to be able to realize the benefits from those potentials.
“The investors have their money for their investment and on the other side is profit. So, the question always is what will be the return on investment. Without the right key to unlock the potential they are seeking, they will not gain access to the expected benefit.
“There are three types of partnership you can find in this state. The first one is the Public Private Partnership; the Public Development Partnership, and the Hybrid Partnership. How do these work? We have commissioned investment advisors to create a document that will show the investment opportunities and projections and we are also prepared to take a deep dive into those investments.
“In the first instance, we have six tourism sites in Category A including the Ibadan Cultural Centre, Bower’s Tower, Eleyele Water Front, Idanre Hill, Iyamapo Hill, Iyake Suspended Lake.
“We have done our homework and we have the figures. As you may already know, we do have expectations for these sites and destinations. For example, our minimum expectation is that the Ibadan Cultural Centre will be restored to its former glory and we project that the entry point for this investment will be about N1 billion.
“In fact, for each of these sites and destinations, which I will be referring to as ‘The Focused Six’, the entry point will be about N250 million with an expected profit margin of between 50 and 60 per cent yearly based on a five-year projection.
“We got a reputable tourism advisory firm to run the number. So, we have the location and marketing appraisal for them as well as the proposed project concept and financial appraisal. One major thing is the role the government needs to play in fostering a partnership that leads to sustainable development, and I know that if I speak to these investors later today, the question they will be asking me is what we have to offer as a state government,” he explained.
In her welcome address, the Chairperson of the Summit, Onikepo Akande, said the theme of the summit was timely as the state is working towards targeting a wider market of investors through the projection of a new face of tourism for sustainable development.
In her remarks, the Minister of Tourism, Lola Ade-John, appreciated the state government for showcasing the hidden treasures of the state through tourism, assuring of her ministry’s partnership to support exploring the potentials beyond the state.
In his goodwill message, the former governor of Cross River State, who was also the guest of honour, Donald Duke, said tourism development was encompassing all sectors to grow the economy and attract investors of note to the state.
In their separate remarks, the Osun State Commissioner for Tourism, Ojo Abiodun; former President, Central Council of Ibadan Indigenes, Bayo Oyero, and the National President, Nigeria Association of Tourism Operators, Ime Udo and the Alado of Ado Awaye, Oba Ademola Folakanmi, lauded the effort of the state government for awakening and developing tourist sites and for involving local investors.
They all urged the government to continue to prioritize tourism to grow gross domestic product.
