The Oyo State Government is embarking on a groundbreaking project to establish a major business district in Ibadan, aimed at boosting economic growth and fostering a vibrant commercial corridor in the region. Mr. Williams Akin-Funmilayo, the Commissioner for Lands, Housing, and Urban Development, unveiled these ambitious plans during a stakeholder meeting held in the Akinyele Local Government Area, where the project is slated to take shape.
The proposed Ilu-tuntun Business District will span an expansive 3,149 hectares of land, with a significant portion of 598.613 hectares earmarked for the resettlement of affected villages. A further 833.853 hectares of developed land will be excluded from acquisition, leaving 1,717.235 hectares available for the development of this new economic hub.
Scheduled to kick off on November 4, 2024, the government will commence the enumeration and valuation of structures within the designated area to accurately assess the impact on properties. Akin-Funmilayo emphasized the importance of private sector participation in the project, highlighting its potential to enhance local economic conditions and elevate the quality of life for residents.
Honourable Wole Akinleye, Chairman of the Akinyele Local Government Area, expressed gratitude on behalf of the local communities for the government’s proactive initiative. He reassured residents of the government’s dedication to ensuring fair resettlement and compensation for those affected by the project.
HRH Oba James Odeniran, the Alakinyele of Akinyele, also commended the government’s decision to choose Akinyele as the site for this transformative development, underscoring the positive impact it will have on the community.
The forthcoming Ilu-tuntun Business District is poised to become a pivotal economic center, ushering in new opportunities for businesses and residents in Ibadan and the surrounding region. With its potential to drive economic growth and prosperity, this project signifies a significant step towards establishing a dynamic commercial hub in Oyo State.
