The Oyo State Governor, Seyi Makinde, on Wednesday promised to reduce the state’s infrastructural deficit.
Makinde stated this in Ibadan while flagging off the reconstruction of the 21-kilometre Airport – Ajia – New Ife highway.
The road project was awarded to an indigenous contractor, Messrs Peculiar Ultimate Concerns Limited at a cost of N8.5 billion.
The project is expected to be completed within 12 months.
The governor called for more funds to tackle the infrastructural deficit in the country.
He said: To boost economic growth, we must strategise on how to increase our spending on infrastructure.
“And this is how economies work; investors will only go where they can be assured of profits.
“If we do not develop basic infrastructure like roads, it will affect the cost of production, which in turn means less profit for investors.
“So, we cannot be seriously discussing attracting investment into Oyo State when the majority of roads and other infrastructure are in a state of disrepair.”
Makinde added that his administration was deploying Alternative Project Funding Approach (APFA) to tackle the infrastructural deficit in the state.
“APFA is our own way of funding some infrastructural projects in the state. We ask the contractors to fund the projects with their own money while the state repays them over a period of time.
“What this entails is that the contractor carries the projects’ risk; at the same time, we get quality delivery and quick completion of projects,” the governor added.