The Director of the Technical Services of Oyo State Agribusiness Development Agency, Mr. Olufemi Joseph Ilori, has disclosed that Oyo state has a huge deal of agribusiness investment opportunities thus the need for investors to tap into the opportunities.
According to him, “Investors are always on the lookout for new opportunities. Oyo State offers such investors a haven for agribusiness investment. With over 60% of Oyo State’s 28,500 square kilometres of land suitable for agriculture, an average daily temperature of 25 °C and 35 °C, and a largely untapped human resource capital, Oyo State is a gold mine for intending agribusiness investors,” he said.
In an article authored by Mr. Ilori, he revealed that cash crops like sorghum, equipment leasing, greenhouse farming, irrigation facilities, and agricultural consultancy and extension services were the five key areas of investments investors can grab.
Speaking on the cash crop area, he mentioned that breweries have long hosted their factories in Oyo State. According to him, Oyo’s soil is the most viable for growing sorghum in Southwest Nigeria.
In addition to the viability of the soil, he indicated that the cereal comes along with a low cost of production. “This unique low-maintenance cereal is ready to harvest in three and a half months. It requires little fertilizer, weeding and water to grow. With the major off-takers already situated in Oyo State and southwest Nigeria, sorghum has immense economic value and is a great area of investment,” he stated.
He also bemoaned investors not leveraging on access to equipment and leasing agricultural equipment to farmers using the traditional model of farming. He, however, urged investors to take advantage of that sector as well.
“With more individuals engaging in large-scale farming in Oyo State, it becomes very inefficient to use traditional farming methods for land clearing and other farm activities. The mechanization of farming activities is a must,” he said.
He further added, “Also, with the government choosing not to directly invest in buying equipment or leasing to farmers, an opportunity exists for the private sector to provide these services.”
On greenhouse farming, Mr. Ilori indicated that it is one of the most lucrative businesses in the State. He placed a key emphasis on the benefits of greenhouse farming saying that, “farmers can plant essential fruits, herbs and vegetables all year round without having to worry about seasonal changes that affect their production.”
He urged investors to produce low-cost greenhouses to enable young farmers to purchase them. “And with younger farmers now preferring greenhouse farming, an opportunity opens for the production of low-cost greenhouses for purchase,” he stated.
He concluded his statements by referring to Governor Seyi Makinde, who said, “Oyo State is open for business.”
“Oyo State is open for investment in agribusiness”
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