The Deji of Akure Kingdom, Oba Aladetoyinbo Aladelusi, has called on Akure indigenes living abroad to return home and invest in the city, stating that private sector involvement is essential for the development of the state capital.
The monarch emphasised that such investments are critical for the emergence of a distinct identity for Akure, which serves as the administrative and economic heart of Ondo State. He noted that the city requires more than government intervention to achieve its potential as a modern urban centre.
His appeal seeks to harness the expertise and financial resources of the diaspora to stimulate local commerce, infrastructure growth, and urban renewal within the kingdom.
The Deji made the call during an appeal to Akure indigenes in the diaspora to contribute to the growth of their ancestral home. He argued that private investments are the primary drivers that will help Akure establish itself as a prominent hub.
The role of private capital in urban growth
According to the monarch, the participation of successful professionals and entrepreneurs from the Akure community abroad could provide the necessary capital for industries, real estate, and service-oriented businesses. This influx of capital is expected to foster economic stability and create employment opportunities for local residents.
The call comes at a time when many Nigerian states are seeking ways to diversify their revenue bases beyond federal allocations. For Ondo State, strengthening the economic capacity of its capital, Akure, is a central component of the state’s broader development agenda.
The diaspora community in Nigeria has historically played a major role in local economies through remittances, but the Deji is pushing for a shift from consumption-based transfers to direct capital investment in productive sectors. By investing in local businesses, the diaspora could contribute to long-term structural growth rather than just providing immediate household support.
The monarch also suggested that a surge in private interest would naturally attract further attention to the city’s utilities, transport networks, and commercial spaces. Such development is necessary to transform Akure into a competitive urban environment capable of supporting modern business operations.
While the traditional ruler has laid out this vision, the practical implementation of such an investment drive will depend on the ease of doing business and the security of investments within the state. Local stakeholders and the Ondo State government are expected to address these administrative and security concerns to facilitate the return of diaspora capital.
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