Oyo State Governor, Seyi Makinde, on Thursday announced that the state is in advanced stages of establishing a $100 million Sovereign Wealth Fund (SWF) aimed at securing the long-term economic future of the state and its residents.

Makinde, who had hinted at the plan last year, revealed that the fund has already received a deposit of over $6 million, signalling a strong commitment to building a sustainable financial buffer for the state.

The Governor made this known on Wednesday during a post-engagement media briefing following the stakeholders’ meeting on the implementation of the African Continental Free Trade Area (AfCFTA) Strategy in Oyo State.

He explained that the SWF will serve as a strategic reserve to support the state’s long-term economic agenda, while also reinforcing Oyo’s active participation in the AfCFTA, a continent-wide initiative designed to boost intra-African trade.

“We are taking deliberate steps to build an economic future that is resilient, forward-looking, and inclusive. The Sovereign Wealth Fund will be a critical part of that future,” Makinde said.

The Governor stressed that beyond macroeconomic gains, the implementation of the AfCFTA strategy would directly benefit smallholder farmers, local entrepreneurs, and MSMEs, who now have easier access to Oyo’s trade portal, a platform designed to facilitate participation in continental trade.

“Our small businesses and farmers are not left out. With the trade portal now active, they can access new markets across Africa,” Makinde added.

Also speaking at the event, the Special Adviser to the Governor on International Trade and AfCFTA, Ms Neo Theodore Tihaselo, described Oyo as a trailblazer in sub-national trade policy implementation.

“Oyo State is the first sub-national entity to sign on to the AfCFTA implementation strategy. This gives us the status of a recognised trading partner under AfCFTA, effectively opening the door for direct international trade and commerce,” she said.

Tihaselo noted that with this recognition, Oyo State has joined the league of globally active economic units, with improved access to trade agreements, investment inflows, and business collaborations across Africa.

The AfCFTA engagement attracted key stakeholders from government, trade associations, the private sector, and the international community, all seeking to unlock the benefits of the world’s largest free trade area by population and number of countries.

Makinde reaffirmed his administration’s commitment to building an economy that goes beyond federal allocations, rooted in investment, innovation, and strategic planning.

“We are not just thinking about today; we are securing tomorrow. The SWF, AfCFTA strategy, and our digital infrastructure are all pillars of a smarter, stronger Oyo State,” he added.