In a significant move aimed at driving economic growth and sustainability, Governor ‘Seyi Makinde of Oyo State has initiated a partnership with Fasken’s Global Mining Group to develop the state’s solid mineral sector. Fasken Global, renowned as one of the world’s largest mining companies, has been selected as the strategic partner for this ambitious endeavor.
Recognizing the immense potential of solid minerals as a key revenue source, the Oyo State Government is determined to attract investment and foster infrastructure development in the sector. With the collaboration with Fasken, the state aims to propel the growth of its solid mineral industry and expand its overall economy.
Governor Makinde personally led the Oyo State delegation to meet with Fasken Group’s leadership in London to kickstart this important collaboration. During the meeting, he assured the group of the government’s unwavering commitment to transform the state into a global hub for mineral development, generating increased revenue and employment opportunities for its citizens.
The Oyo State team plans to leverage Fasken’s extensive industry contacts, expertise, and competencies to develop its solid minerals, boost the economy, diversify its revenue base, and create more job opportunities. The state’s strategic positioning in the solid mineral sector is further emphasized by the establishment of the International Gemstone Market in Adan, Akinyele Local Government Area, a joint initiative between the Oyo State Government and the Federal Government.
Mr. Abiodun Oni, the Director-General of the Oyo State Mineral Development Agency and Executive Chairman of Pacesetter Mineral Development Company (PMDC), expressed the intention to engage Fasken’s Global Mining Group, stating, “We seek a mutually beneficial proposal that recommends complete business restructuring and repositioning of PMDC for enhanced productivity and profitability. We aim to tap into your industry’s expertise, mining contacts, access to financing, and global reach.”
The PMDC, acting as the state’s Special-Purpose Vehicle, has acquired 17 mineral titles as part of its investment drive, positioning Oyo State as a key player in the solid mineral sector. The partnership between Oyo State and Fasken Group is expected to be solidified with the signing of a Memorandum of Understanding in the coming weeks.