The Oyo State Government has approved a ₦3.03 billion Cocoa Rejuvenation Project to revive the state’s cocoa industry, once a major economic pillar. The initiative will be implemented through a public-private partnership (PPP) with the Oyo State Agribusiness Development Agency (OYSADA) and the **International Institute of Tropical Agriculture (IITA) National Insight News.
The Oyo State Executive Council has endorsed a ₦3,030,292,472 Cocoa Rejuvenation Project aimed at reviving cocoa production, which has declined sharply over the years. Commissioner for Information Prince Dotun Oyelade announced that the project will be coordinated by OYSADA in collaboration with IITA, leveraging a public-private partnership model.
The initiative seeks to restore cocoa as one of Oyo’s major economic pillars, creating jobs, boosting exports, and strengthening the state’s agribusiness sector. The project is expected to involve:
Replanting and rehabilitation of old cocoa farms
Distribution of improved seedlings to farmers
Capacity building and training for local farmers
Partnerships with private investors to ensure sustainability
Officials emphasized that the project aligns with Governor Seyi Makinde’s broader agricultural transformation agenda, which prioritizes agribusiness as a driver of economic growth.
Implications
Economic Growth: Reviving cocoa could restore Oyo’s position as a leading cocoa-producing state in Nigeria.
Employment: The project is expected to generate thousands of jobs across the value chain.
Exports: Improved production could boost Nigeria’s share in the global cocoa market.
Sustainability: The PPP model ensures private sector participation and long-term viability.
Source: National Insight News
