The Governor of Oyo State, Seyi Makinde, has emphasized the pivotal role of sub-national governments in driving investment and trade growth across Africa. Speaking at the Africa Investment & Trade Summit 2025, Makinde highlighted that the future of the continent's economic prosperity lies in empowering states and local governments to leverage their unique resources and strengths.
Makinde stated, "The dynamism and resourcefulness at the sub-national level are key to unlocking Africa's full potential in global trade and investment. By supporting decentralized governance and strengthening local economies, we can build resilient, self-sustaining economies that attract both regional and international investors."
In his address, the Governor called for greater collaboration between national governments and their sub-national counterparts, stressing that cooperation between local governments and private enterprises can stimulate job creation, infrastructure development, and sustainable economic growth. He also advocated for strengthening inter-governmental and public-private partnerships, emphasizing that the long-term success of Africa’s trade ambitions is grounded in local innovation and efficient governance.
Makinde also underscored the importance of creating business-friendly environments at the state and local levels. "It's not just about policies at the national level. States must position themselves as investment hubs by offering incentives, streamlined business registration processes, and the infrastructure needed to support growth. By creating an environment where businesses thrive, we create opportunities for our people and accelerate the broader economic development of the continent."
The Governor’s remarks come amid increasing calls for Africa to reduce its reliance on external funding and focus on building homegrown solutions. He reiterated that sustainable development should be a priority for all African governments, with emphasis on boosting local businesses and fostering entrepreneurship.
With Africa’s population expected to reach 2.5 billion by 2050, the need to create inclusive economic opportunities for youth and women remains crucial. Makinde called for policies that prioritize human capital development, education, and skills training to ensure a workforce capable of taking on the demands of a rapidly evolving global marketplace.