The Ooni of Ife, Oba Adeyeye Enitan Ogunwusi, Ojaja II, has inked a historic memorandum of understanding (MoU) with China Overseas Energy Development Technology Limited, ushering in a new era of economic prosperity and sustainable development in Osun State.
The momentous occasion was witnessed by Osun State Governor, Senator Ademola Adeleke.
Under the MoU, the Chinese firm will embark on a multifaceted investment journey encompassing agriculture, renewable energy, and mineral exploration in Ile-Ife and Osun.
The primary goal is to generate a staggering 50,000 employment opportunities for Osun natives.
The cornerstone of this partnership is the establishment of a state-of-the-art cocoa processing plant in Ife, set to become the agricultural hub of the region. Moreover, the initiative will see the development of green energy solutions, with solar power projects already underway.
The Ooni pledged that his palace would be 100 percent solar-powered within the next 30 to 60 days.
Governor Adeleke welcomed the foreign investors and commended the Ooni for his visionary leadership in conceiving and realizing this transformative venture.
This collaboration aligns with a global trend as Chinese companies increasingly invest in overseas mining projects for critical minerals, supporting the transition to cleaner energy sources.
With Chinese investments in metals and mining reaching unprecedented levels, the future looks promising for Osun’s economic growth and environmental sustainability.