New Business District Set For Ibadan As Oyo State Aims To Foster Growth

New Business District Set For Ibadan As Oyo State Aims To Foster GrowthThe Oyo State Government has announced plans to establish a new business district in Ibadan, aimed at creating a vibrant commercial corridor for economic growth.

During a stakeholder sensitization meeting in the Akinyele area, Commissioner for Lands, Housing, and Urban Development, Williams Funmilayo, shared details of the project through a statement by the Commissioner for Information and Orientation, Dotun Oyelade.

The business district will be located in the Akinyele Local Government Area, encompassing a total of 3,149 hectares of land. Of this, 598.613 hectares will serve as a resettlement scheme for some affected villages, while 833.853 hectares will be designated as developed areas, excised from the acquisition. The remaining 1,717.235 hectares will form the Ilu-tuntun Business District.

Funmilayo announced that enumeration and valuation of structures in the affected areas will begin on November 4, 2024, to provide clarity on the impact of the project. He encouraged the organized private sector to partner with the government to enhance economic development and improve the living conditions of residents.

Additionally, Akinyele council chairman Wole Akinleye expressed gratitude for the government’s initiative, noting that residents from surrounding villages have welcomed the project.

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