Posted by on 2/6/2003 11:24:29 AM

Economic Climate And Industrial Potentialities: Oyo State was the nucleus of economic and industrial development within the former Western Region of Nigeria, with lbadan as the central focus for industrial development in the region. Emphasis has all along been placed on investments, trade and cooperatives.

The state's Small Scale Industries Credit Scheme assists in the promotion of investment in the state. The scheme has helped in the acceleration of the pace of industrialisation utilising local raw materials. Different categories of some natural raw materials in the stae and their potentials for industrial development are listed on Table 30.2. Similarly, the table shows the types of industries that could be developed under each category.

In addition, the state government encourages investment in large scale industrial ventures. It has substantial shares in several such industries within and outside the state. Industrial estates to encourage entrepreneurs in the establishment of industries in different parts of the state have been established in Owode in lbadan as well as in Ogbomoso and Oyo.

The cooperative movement in the state has remained a very potent means of mobilizing the populace in produce marketing, thrift and credit consumer organization and multipurpose cooperative activities. Other cooperative groups functioning actively in the state include the Cooperative Consumer Societies, Cooperative Buying Clubs and Farmers Multipurpose Cooperative Societies.

The main focus of the Trade Division is the implementation of the Nigerian Enterprises Promotion Decree of 1977 in the state. There is presently a permanent trade exhibition centre in Sango, lbadan. Furthermore, the combination of high level of road development and communication services has created maximum potentials for investment in industrial, tourism, housing and allied development projects in the state.