Oyo State Hosts Chinese Delegation for $500 Million Integrated Agricultural Park Investment
The Oyo State Government has hosted a high-powered delegation from China Overseas Engineering Corporation (COVEC) to discuss plans for a landmark $500 million Integrated Agricultural Park investment, marking a significant milestone in the state’s agribusiness development agenda.
Facilitated by the Nigeria Investment Promotion Commission (NIPC), the delegation was led by Ms. Dong Guoping, President of COVEC. The visit is part of a broader initiative to attract foreign direct investment into Nigeria’s agriculture sector through strategic international partnerships.
Receiving the delegation on behalf of Governor Seyi Makinde, Oyo State Deputy Governor, Barr. Bayo Lawal, emphasized the transformative potential of the collaboration, particularly in achieving food security, boosting exports, and tapping into the state’s natural agricultural advantage.
“This partnership is not just a step forward in agriculture; it is a leap toward economic stability, export readiness, and a more resilient food system,” Lawal said. “It aligns with the vision of Governor Makinde to position Oyo State as a leading agribusiness hub in Nigeria and West Africa.”
Ms. Guoping reaffirmed COVEC’s commitment to developing a modern agricultural ecosystem in Oyo State. She noted that the project will encompass mechanized farming, high-value crop production, livestock, fisheries, and agro-processing – all powered by advanced technology and global best practices.
“Our mission is to introduce globally tested agricultural practices that will transform farming in Oyo State into a commercially viable and sustainable enterprise,” she said.
The delegation was taken on a comprehensive tour of key agricultural and infrastructural assets across the state, including the Special Agro-Industrial Processing Zone (SAPZ) at Ijaiye, the Fasola Agribusiness Transformation Center, Ikere Gorge Dam and IITA. COVEC is particularly interested in the Fasola site and plans to develop a fishery facility at the Ikere dam, with initial plans to acquire hectares of land for the fishing project.
Dr. Debo Akande, Director-General of the Oyo State Agribusiness Development Agency (OYSADA), described the partnership as a critical step toward realizing the state’s Agribusiness Roadmap. He highlighted the synergy between the state’s infrastructure drive—such as the Ibadan Circular Road, Lagos-Ibadan rail line, and the ongoing upgrade of the Ibadan Airport—and the requirements of the incoming investors.
“This collaboration brings in the kind of capital, knowledge, and innovation we need to scale our existing agribusiness projects and attract further private sector investments,” Akande said. “We’re also improving rural access with 1,200 roads under the World Bank’s RAAMP project, including access to key agricultural locations.”
Mr. Abubakar Yerima, Director of Strategy Services at the NIPC and representative of the Commission’s Executive Secretary, stated that the Chinese investors are part of a broader delegation of 25 agribusiness investors, with 16 currently assessing opportunities in Oyo.
“The NIPC has been proactive in reaching out to global investors, and we are pleased to see this interest translating into real opportunities. The COVEC delegation is looking at a minimum of 10,000 hectares for their integrated project,” Yerima said. “Oyo State has been one of the most responsive and organized destinations so far.”
He noted that COVEC’s proposal includes a full agricultural value chain—from production to processing and distribution—designed to drive food security, industrial development, and employment generation.
The Chinese investors are considering various Nigerian states for the location of the agricultural park, but have shown strong interest in Oyo based on land availability, state support, and existing infrastructure. The decision now rests with the state to finalize its preferred model and investment framework”, Yerima said.
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