*Says Oyo will partner investors to unlock tourism potentials
By; BAYO AKAMO, Ibadan
Oyo State Governor, Engr Seyi Makinde has advocated proper harnessing of the opportunities in the tourism sector
The governor made the call on Wednesday at the opening ceremony of the International Tourism Summit tagged #ITSOYOSTATE 2024, holding at the International Conference Center, University of Ibadan, Ibadan.
He pointed out at the summit with the theme, “Repositioning Tourism as a Drive for Sustainable Development in Oyo State,” that much opportunities exist in the tourism sector, which can lead to prosperity if properly harnessed.
According to him, to ensure proper harnessing the opportunities in the tourism sector, Oyo state gov is ready to partner with investors to unlock the tourism potentials of the state and that his administration will support and work with relevant stakeholders and foster the partnership that would lead to sustainable development and guarantee the success of their investments.
“When you hear the title of the presentation, the key word 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 realise 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, RoI”, he said
Gov Makinde added, “Without the right key to unlock the potential they are seeking, they will not gain access to the expected benefit. So, in this presentation, I will share the keys that unlock tourism potentials in Oyo State. Various speakers discuss partnership opportunities in Oyo State and outline what the state has to offer. But it is one thing to know what the state has and quite another thing to access it. So, what is this key? Well, it is partnership.”
The governor noted that Oyo state government had focused on the interconnectivity of all zones, thereby attracting tourists to the sites and creating enabling environment for tourism to thrive and also deepen the experience for business travellers, adding “ There are three types of partnership you can find in Oyo State. The first one is Public Private Partnership; Public Development Partnership, PDP, and the Hybrid Partnership. How do these work?
“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 home work 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 N1billion”
The governor stressed, “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 N250m with 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 proposed project concept and financial appraisal. One major thing is the role the government needs to play in fostering 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.
“Under our PPA arrangement, the primary source of funding for the project is the private investor or development organisation.”
