The Oyo State Executive Council, demonstrating a forward-thinking approach to economic development, has formally endorsed the Business-Enabling Reforms Action Plan (BERAP), a strategic initiative designed to propel economic growth and attract investments within the state by 2025. This comprehensive plan, presented by the Commissioner for Budget and Economic Planning, Professor Musbau Babatunde, underscores the government’s commitment to fostering a conducive business environment and leveraging the state’s resources for sustainable economic prosperity. BERAP’s multifaceted approach encompasses several key areas, including enhancing access to skilled labor, promoting export diversification, and streamlining administrative processes to reduce bureaucratic bottlenecks.
A central component of BERAP involves the implementation of a labor electronic register, a digital platform aimed at connecting businesses with a readily available pool of skilled workers. This initiative seeks to address the challenges faced by businesses in sourcing qualified personnel, a critical factor for business expansion and operational efficiency. By improving corporate access to skilled labor, the government anticipates a positive impact on the state’s Gross Domestic Product (GDP) and overall economic performance. This strategic move further complements the government’s efforts to reduce unemployment and enhance the employability of the state’s workforce.
BERAP also prioritizes the diversification of Oyo State’s export portfolio by establishing an Export Cluster focusing on Cashew, Shea butter, and Arts and Crafts. These sectors have been identified as possessing significant growth potential and represent opportunities to tap into global markets, generating valuable foreign exchange earnings and bolstering the state’s economy. This focused approach to export promotion will involve collaborative efforts between the Ministry of Budget and Economic Planning, the Ministry of Trade, Industry and Cooperatives, the Oyo State Investment Promotion Agency, and the Office of the Accountant-General, ensuring a coordinated and efficient implementation of the export cluster initiative.
The anticipated increase in Non-Oil Export revenue, driven by the export cluster initiative, is expected to significantly contribute to the state’s economic growth and reduce reliance on the volatile oil sector. This diversification strategy reflects the government’s commitment to building a more resilient and sustainable economy, capable of weathering external shocks and fluctuations in global commodity prices. The focus on Cashew, Shea butter, and Arts and Crafts also leverages the state’s existing agricultural and artisanal strengths, promoting value addition and creating employment opportunities within these sectors.
The successful implementation of BERAP hinges on inter-ministerial collaboration and a concerted effort to streamline administrative procedures related to business operations. The involvement of key government agencies, such as the Ministry of Budget and Economic Planning, the Ministry of Trade, Industry and Cooperatives, the Oyo State Investment Promotion Agency, and the Office of the Accountant-General, ensures a coordinated approach to implementing the various components of the action plan. This collaborative framework aims to address bureaucratic hurdles and create a more efficient and investor-friendly environment.
Beyond its economic focus, the Oyo State Executive Council also demonstrated its commitment to the welfare of its employees. The Council expressed gratitude to Governor Seyi Makinde for his financial support to Mr. Sola Ajayi, a Senior Cameraman with the Broadcasting Corporation of Oyo State, who suffered a spinal cord injury in an accident. This act of support highlights the government’s concern for the well-being of its workforce and its recognition of the importance of providing assistance in times of need. Governor Makinde, while acknowledging the potential challenges of 2025, reaffirmed his administration’s unwavering dedication to achieving its developmental goals, setting a tone of optimism and resolve for the coming year. This commitment to both economic development and the well-being of its citizens signifies a holistic approach to governance in Oyo State.
