President Bola Tinubu on Thursday commissioned the rehabilitated Premier Hotel, owned by Odu’a Investment Company Limited.

Tinubu, represented by the Secretary to the Government of the Federation, George Akume, reiterated his administration’s commitment to leveraging tourism and hospitality as key drivers of economic growth, job creation and regional development in Nigeria.

The President described the project as a landmark achievement that underscored the commercial, cultural and strategic importance of Ibadan and Oyo State within the Nigerian federation.

He said the reopening of the iconic hotel demonstrated what could be achieved when vision, strategic investment and purposeful leadership converged in pursuit of shared prosperity.

“Today, what we are celebrating is not just the reopening of a hotel, but the restoration of a treasured national asset and identity.

“The transformation and modernisation of this facility remind us that heritage should not be abandoned but preserved, renewed and adapted to contemporary realities,” he said.

Tinubu noted that Premier Hotel, situated on Mokola Hill in Ibadan, had for decades served as a destination for statesmen, diplomats, business leaders, tourists and other visitors, making it a symbol of excellence and regional cooperation.

The President commended the governments of the six South-West states, shareholders of Odu’a Investment Company, for their commitment to repositioning the regional conglomerate as a leading investment institution.

According to him, the successful rehabilitation of the hotel is evidence of the benefits of regional cooperation and strategic investments.

Tinubu said tourism and hospitality occupied a strategic place in the Renewed Hope Agenda, noting that the sectors offered immense opportunities for economic diversification, foreign exchange earnings, cultural diplomacy and urban renewal.

He said the Federal Government was investing in transportation infrastructure, digital services, improved connectivity and public-private partnerships to attract investments into tourism-related enterprises.

“Projects such as Premier Hotel fit perfectly into this national mission.

“It creates employment opportunities for our youth, stimulates local businesses, supports cultural tourism, attracts visitors and contributes directly to economic growth,” he said.

The President also highlighted the role of regional development commissions in accelerating infrastructure development, investment promotion and economic integration across the country.

He said the recently established South-West Development Commission would work with state governments, development institutions and private investors to unlock opportunities in tourism, agriculture, technology and industrial development.

On security, Tinubu assured Nigerians that his administration remained committed to tackling kidnapping and other criminal activities through enhanced intelligence gathering, improved inter-agency collaboration and technological surveillance.

He urged citizens, community leaders and faith-based organisations to support government efforts in ensuring peace and security across the country.

Tinubu also noted that unrelented efforts were ongoing for the rescue of Oriire victims.

The President said ongoing economic reforms were beginning to yield positive results, with improving investor confidence, growing strategic investments and renewed momentum in key sectors of the economy.

He added that the transformed Premier Hotel symbolised confidence in Nigeria’s future and called on local and foreign investors to take advantage of the opportunities available in the country.

Earlier, Governor Lucky Aiyedatiwa of Ondo State described the project as a testament to the enduring strength of economic partnership among the South-West states.

Aiyedatiwa, speaking on behalf of the shareholder states, said the achievement affirmed the potential of regional economic cooperation in unlocking economic transformation and sustainable development.

He congratulated the management and stakeholders of Odu’a Investment Company Limited for successfully delivering the project and expressed confidence that it would stand as a beacon of regional pride and economic prosperity for generations.

Also, the Group Managing Director, Odu’a Investment Company Ltd, Mr. Abdulrahman Yinusa said the commissioning of the remodeled Premier Hotel marked a significant milestone in the history of the South-West and Nigeria.

“Premier Hotel is a historic institution that once served as the preferred destination for business leaders, families, and visitors seeking quality hospitality.

“Faced with deteriorating infrastructure, Odu’a Investment Company chose to revive rather than abandon the iconic facility,” Yunusa said.

Also, the Chairman, Odu’a Investment Company Ltd, Otunba Bimbo Ashiru said Premier Legacy Limited was incorporated in 2022 as a joint venture to reposition and modernise the hotel into a world-class hospitality destination.

“The goal was to create a five-star hospitality facility capable of hosting international conferences, global leaders and showcasing South-West culture,” he said.

He added that the section commissioned would be fully operational by the fourth quarter of the year 2026, supporting the economy of the state and providing direct employment for 600 people as well as indirect jobs for 2500 people.

Present at the event were the Secretaries to governments of Oyo, Lagos, Ogun and Ekiti among other dignitaries.