Gov. Seyi Makinde, who said this while flagging off the project on Thursday, noted that the decision was part of the measures to attract investments to the state.
He said the project would be funded using the Alternate Project Funding Approach (APFA).
According to him, the contractor will fund the project while the state government will repay over 29 months.
The governor said the contractor had given the assurance that the project would be completed in 18 months.
“We cannot attract investors without the right infrastructure. If we are telling people to leave wherever they are and come here, we should be able to give them what they are to benefit and even more.
“We can keep saying Oyo State is ready for business, but without the right infrastructure in place, they will tell us they like our policies, but they want to see better facilities.
“Also, we must double our efforts to put the infrastructure in place that will support the growth of IGR in the state.
“I hear some people are already saying we should slow down, but I am here to tell you that this is not the time to even think of slowing down.
“Our administration is here to grow Oyo State and to make sure everyone in our beloved state feels the real dividends of democracy.
“By God’s grace, in the next 12 months, coronavirus would have left us, and we will have the opportunity to sit here, in this stadium, fully remodeled and watch my team, the 3SC, beat their opponents live,” he said.
He admonished the contractor to deliver quality job.
In his address, Mr Adeleke Olanrewaju, the representative of the contractor handling the project, promised to complete and deliver the project on time.
Olanrewaju commended the governor’s financial ingenuity for exploring the alternative project funding approach instead of complaining of paucity of funds.
