The Oyo State Government has announced its intention to create a major business district in Ibadan, designed to foster economic growth and establish a vibrant commercial corridor. Mr. Williams Akin-Funmilayo, the Commissioner for Lands, Housing, and Urban Development, revealed these plans during a stakeholder meeting in the Akinyele Local Government Area, where the project will be developed.
According to Akin-Funmilayo, the project will cover 3,149 hectares, with 598.613 hectares reserved as a resettlement area for impacted villages. An additional 833.853 hectares of developed land will be excluded from acquisition, leaving 1,717.235 hectares for the upcoming Ilu-tuntun Business District.
The government plans to commence the enumeration and valuation of structures within the designated area on November 4, 2024, to map out impacted properties accurately. The Commissioner encouraged private sector involvement, highlighting the project’s potential to enhance local economic conditions and improve residents’ quality of life.
Akinyele Local Government Area Chairman, Honourable Wole Akinleye, expressed gratitude on behalf of local communities for the initiative, emphasizing the government’s commitment to fair resettlement and compensation for displaced residents.
HRH Oba James Odeniran, the Alakinyele of Akinyele, also voiced appreciation, lauding the choice of Akinyele as the site for this transformative development.
The Ilu-tuntun Business District is set to be a significant economic hub, creating new opportunities for businesses and residents alike in Ibadan and the broader region.