IBADAN, NIGERIA — Oyo State Governor, Seyi Makinde, has reaffirmed his administration’s commitment to supporting entrepreneurs and private sector investments. He declared that the state has the potential to compete with Lagos in attracting major businesses and promoting economic growth.
Makinde made the declaration on Wednesday, October 28, 2026, during the 10th anniversary celebration and commissioning of the global headquarters of CapitalSage Holdings in Ibadan.
A Growing Corporate Hub
The governor congratulated the company on its transformation into a diversified conglomerate. CapitalSage now comprises about 20 businesses.
Makinde described its decision to establish its headquarters in Ibadan as evidence of the city’s growing capacity to accommodate major corporate organisations.
He stressed that Nigeria’s abundant natural resources could not independently guarantee economic prosperity. He said the country also needed entrepreneurship, innovation, technical skills, knowledge, and increased production.
According to him, entrepreneurs contribute significantly to economic development. They take business risks, create employment opportunities, and invest in industries that strengthen local economies.
Enabling Environment
Makinde assured investors that his administration would continue to provide an enabling environment for businesses. He cited improved security, infrastructure development, and investment facilitation as key areas of focus.
He added that the government had worked to ensure that commercial activities could continue beyond conventional working hours. He said it had created the stability and infrastructure required for businesses to flourish.
The governor noted that Oyo State had historically been regarded as secondary to Lagos in business and investment. But he said the establishment of CapitalSage’s headquarters in Ibadan demonstrated that the state could compete favourably with others across the federation.
Support for Industrial Projects
Makinde pledged continued government support for CapitalSage Holdings and other investors. He said their activities contribute to job creation and economic development.
He cited the state government’s backing of major industrial projects. These include a brown sugar factory and a sorbitol factory.
He explained that CapitalSage would receive similar assistance to expand its operations.
Prominent Attendees
The event attracted prominent traditional rulers from across the South-West. They included the Olubadan of Ibadanland, Oba Rashidi Adewolu Ladoja.
The Ooni of Ife, Oba Adeyeye Enitan Ogunwusi, also attended the event. Other royal fathers present were the Soun of Ogbomosoland, Oba Ghandi Afolabi Olaoye, and the Deji of Akure, Oba Aladetoyinbo Ogunlade Aladelusi.
Financial partners, local and international investors, industry leaders, and senior Oyo State government officials also attended the ceremony.
What This Means
Makinde’s statement is a bold declaration of Oyo State’s economic ambitions. It signals the state’s determination to attract investment and compete with Lagos, Nigeria’s commercial capital.
The establishment of CapitalSage’s headquarters in Ibadan is a significant vote of confidence in the state’s business environment.
What Happens Next
The Oyo State Government will continue to promote policies aimed at attracting investment. It will also provide support to businesses that choose to operate in the state.
For now, the focus is on building a robust economy that creates jobs and improves the lives of residents.
