The Oyo State Government has declared its determination to diversify its revenue base away from conventional federal allocations and traditional revenue streams by unlocking the economic potential of its rich arts, crafts, cultural festivals, and tourism assets.
​The declaration was made during a press briefing held at 10:00 AM on Wednesday, November 5, 2026, at the Press Centre, State Secretariat, Agodi, Ibadan.
Addressing journalists, the Oyo State Commissioner for Culture and Tourism, Dr. Wasiu Olatubosun, announced that the state is shifting its economic paradigm to generate foreign exchange, attract foreign direct investments, and create sustainable jobs for thousands of youths and artisans across the state.
​To drive this initiative, the Ministry of Culture and Tourism, in collaboration with the Oyo State Investment and Public-Private Partnership Agency (OYSIPA), unveiled plans for the upcoming Oyo State Business Forum 2026, themed “Investment and Export Promotion of Arts and Crafts Business in Oyo State”. The upcoming forum aims to connect local artisans, traditional weavers, sculptors, and creative entrepreneurs directly with international buyers, venture capitalists, and export facilitators.
​Dr. Olatubosun stated that Oyo State is richly endowed with historic cultural assets, globally celebrated festivals, and unrivaled artistic craftsmanship. He emphasized that the government is transitioning from viewing culture merely as entertainment to managing it as a high-yield economic sector capable of earning foreign exchange, empowering local communities, and positioning the state on the global creative map.
​This grand vision aligns with the state’s 25-Year Tourism Master Plan and broader Public-Private Partnership framework. Under this strategy, the government is prioritizing key tourism heritage sites across the state for major commercial upgrades, focusing on prominent locations such as the Iyake Suspended Lake in Ado-Awaye, Bower’s Tower in Ibadan, Idere Hills, Eleyele Lake, and the Ibadan Cultural Centre.
​Simultaneously, the administration is launching an aggressive export promotion drive for indigenous crafts and textiles. This effort centers on scaling the global market footprint of Iseyin Aso-Oke handloom weaving, Adire production, traditional wood carving, and regional pottery.
​To complement physical infrastructure and craft exports, the government is repackaging major heritage festivals, including the World Sango Festival, into world-class cultural spectacles. By targeting diaspora traffic and international tourists from countries such as Brazil, Cuba, and Trinidad & Tobago, the state aims to maximise foreign exchange earnings.
​Through these targeted infrastructure developments, direct flight integration at the newly upgraded Ibadan Airport, and structured investor incentives, the Oyo State Government seeks to firmly establish Ibadan and the wider state as West Africa’s premier hub for cultural tourism and creative economy investments.
