Post-Covid Economic Recovery: Investors Inject N5Billion Into Oyo’s Real Estate Sector

The Oyo State government has signed a Memorandum of Understanding (MoU) with four private investors in Nigeria, towards the development of real estate in the State through concessional agreement.

The MoU which was done on Tuesday at Ibadan by the Director-General, Oyo State Investment and Public Private Partnership Agency, Hon Segun Ogunwuyi and four investors would see to the injection of #5billion into the real estate sector of the State’s economy and will ameliorate the effect of the Covid-19 pandemic, among other steps evolved by the administration of Governor Seyi Makinde.

According to a statement signed by Wasiu Olatubosun by the Commissioner for Information , Culture and Tourism, the projects include the design, construction, commissioning and management of Bodija Recreation Center by Refcon Ltd and construction of about 360 units of medium and low-cost housing estate by Remax Realtors.

Others are the development of eleven units of premium 5-bedroom units by Wood et al Ltd and the development of forty-five units of premium 5-bedroom townhouse by Project Scope Ltd.

In his address Ogunwuyi said the concessional agreement would see to the injection of #5billion naira into the State’s economy and the effects would be felt in youths employment and improved commercial atmosphere.

He said the present administration in Oyo State, under the leadership of Engr. Seyi Makinde was doing everything possible to turn around the fortune of the State for better.

“The projects we just signed agreements on include construction of 360 units of medium and low-cost housing units on 13 hecters at Ajoda New Town and development of eleven units of premium 5 bedroom terrace house with all necessary infrastructures on a vacant land at Oba Awosika street at Bodija.

“Also included is the development of forty-five units of premium 5 bedroom townhouse with necessary infrastructures on a vacant land at number 1&3, Oba Akinyele street, Bodija, Ibadan while the last one will involve the design, construction, commissioning and management of Bodija Recreation Center, this will be turned into a self-sustaining, multipurpose sports and recreation center and it will become the foremost recreation center for the use of residents of Ibadan and visitors from all over the country,” he said.

Present at the event was the Chairman, Oyo State Housing Corporation, Barr. Bayo Lawal and other representatives of the State government and private organizations.