Oyo State Governor, Seyi Makinde, has reaffirmed his administration’s commitment to supporting entrepreneurs and private sector investments, declaring that natural resources alone cannot guarantee economic prosperity without entrepreneurship, skills, knowledge and productive activities.
Makinde stated this on Wednesday during the 10th anniversary celebration of CapitalSage Holdings and the commissioning of its global headquarters in Ibadan, where he commended the company for growing into a diversified business conglomerate with about 20 companies.
The governor assured investors of continued government support through improved security, investment facilitation and the provision of an enabling environment for businesses to thrive and expand.
He described the commissioning as a celebration of entrepreneurship, noting that private businesses play critical roles in creating jobs, stimulating economic activities and strengthening local industries.
According to him, CapitalSage Holdings’ decision to establish its global headquarters in Ibadan demonstrates the growing capacity of Oyo State to attract major investments and compete favourably with Lagos as a business destination.
“Nigeria is a wealthy country in terms of natural resources, but natural resources alone cannot lead to economic prosperity. Prosperity must be driven by entrepreneurship, skills, knowledge and intensive production,” the governor said.
Makinde congratulated the management of CapitalSage Holdings for taking entrepreneurial risks and building a successful enterprise, adding that the government’s responsibility was to create an environment where businesses could operate efficiently and contribute to economic development.
He said his administration had worked to ensure that economic activities could continue beyond traditional working hours by providing the infrastructure, stability and security required for business growth.
The governor noted that Oyo State had previously been perceived as playing second fiddle to Lagos in business and investment, but maintained that the establishment of major corporate headquarters in Ibadan was helping to change that narrative.
“This occasion is particularly significant because CapitalSage is demonstrating that Ibadan can host the headquarters of major business organisations. Today, we are proving that Oyo State can stand shoulder to shoulder with any state in the federation in attracting investment and supporting enterprise,” he said.
Makinde further assured CapitalSage Holdings and other investors that his administration would continue to provide necessary support, including investment facilitation, security and legitimate government interventions to promote business expansion.
He cited the administration’s support for major industrial projects, including a brown sugar factory and a sorbitol factory, as examples of its commitment to investments capable of generating employment and driving economic growth.
The governor said CapitalSage Holdings would receive similar support, congratulating the company on its 10th anniversary and expressing optimism about its future expansion.
Earlier, the Founder and Group Managing Director of CapitalSage Holdings, John Alamu, commended the Makinde administration for providing an enabling environment that had supported the company’s growth from a small enterprise in Oyo State into a diversified business conglomerate headquartered in Ibadan.
Alamu assured stakeholders of the company’s commitment to building stronger businesses, developing its workforce, deepening strategic partnerships and delivering greater value to its customers.
The event attracted prominent traditional rulers, including the Olubadan of Ibadanland and former Oyo State Governor, Oba Rashidi Adewolu Ladoja; the Ooni of Ife, Oba Adeyeye Enitan Ogunwusi; the Soun of Ogbomosoland, Oba Ghandi Afolabi Olaoye; and the Deji of Akure, Oba Aladetoyinbo Ogunlade Aladelusi.
Financial partners, local and international investors, captains of industry and other stakeholders also attended the ceremony.
Members of the governor’s entourage included the Secretary to the State Government, Professor Musibau Babatunde; Commissioner for Investment, Trade, Cooperatives and Industry, Professor Salihu Adelabu; Attorney-General and Commissioner for Justice, Barrister Biodun Aikomo; and other senior government officials.
The commissioning marks a significant milestone for CapitalSage Holdings as it consolidates its operations in Ibadan, with the Oyo State Government reiterating its commitment to fostering private sector investment, employment generation and sustainable economic growth.
