By Wuraola Oyedokun
The Governor of Oyo State, Seyi Makinde has reaffirmed that his administration will keep fostering investments that boost the state’s economy and provide value.
Makinde also stated that Oyo state is ready for business and open to partnership and creative minded individuals to work with.
The governor gave the assurance during the opening of the Premium Trust Bank in Adamasingba, Ibadan. He also mentioned that the state is prepared to expand its economy by utilizing its primary resources, solid minerals.
He stated that Oyo State is prepared for business, pointing out that his administration had been able to close the gap between the leadership and the led. The state has increased its internal generated revenue from N1.8 billion in 2019 to approximately N3.8 billion with a target of N10 billion monthly IGR in the not too distant future which can only be achieved through the help of the people through partnerships and people adding value to expand the economy
In an attempt to boost the state economy, Makinde suggested that the bank’s management work with the state government to key into the government’s plan to grow the informal sector of the economy by collaborating with the Oyo State Board of Internal Revenue, stating, “Premium Trust Bank has come to the right place, which makes this significant indeed.”
 Establishing this location as a regional office is also a positive move, as Oyo State ought to rank third among non-oil states in terms of economics.
“This is a state that is expanding its economy. If we are not next to Lagos, we should not be far away from Lagos and we are yet to tap into the main resources of Oyo State, which are solid minerals.
“Under our first tenure, we focused the expansion of our economy on the development of infrastructure, and agribusiness. But for this second tenure, we have added two additional pillars, which are solid mineral development and tourism. So, you have come into an economy that is expanding.”
The governor indicated that the state has been able to attract different big businesses due to its commitment to infrastructure building, noting that the new bank will benefit from the recent award of the contract for the reconstruction of Dugbe-Ojoo Road, among others.
“For us, the informal economy is bigger than the formal economy and we are struggling. So, one of the ways I think you can immediately add value is to have a sit-down with our Bureau of Internal Revenue and see what you can do to support us in expanding our non-formal economy without raising taxes on the people.
“We want to bring in many people into the tax net but we also know what we are faced with economically. So, you will all have to pitch in, work with us and I believe we can fashion out a mutually beneficial relationship. Be creative and we will work with you,” the governor added.
Earlier in his opening remarks, the Managing Director/Chief Executive Officer, Premium Trust Bank, Mr Emmanuel Emefienim, lauded Governor Makinde, describing him as a man of many parts.
He added that the Premium Trust Bank is strategically located in Oyo State to improve lives, build communities and work closely with the state government to empower the people, adding that Ibadan would experience new waves of banking relationships and banking partnerships.