By Newspot Nigeria News Desk
IBADAN — In a landmark move to bolster local trade and economic development, the Oyo State Government has officially allocated land to cashew merchants operating at the Ultra-Modern Business Complex in Ogbomoso, bringing closure to a long-standing land regularization process.
During a formal presentation at the State Secretariat in Ibadan, the Commissioner for Investment, Trade, Cooperatives, and Industry, Hon. Adeniyi Adebisi, handed over land allocation letters to representatives of the merchants. The Commissioner described the moment as a significant milestone in strengthening peaceful business relations and driving inclusive growth across the state.
“For the government, economic expansion is paramount. A thriving economy can only flourish in a peaceful environment,” Adebisi stated.
According to him, after extensive dialogue with the traders, the government has approved a 50% reduction in land rates—bringing the cost down from ₦500 to ₦250 per square metre. To ease the financial burden, the government also granted a two-year moratorium. Payments are now scheduled to begin in May 2025 and continue until April 2035.
Adebisi assured that the entire allocation process remains transparent, free from intermediaries, and lauded the merchants for their patience and cooperation throughout the negotiation period.
Speaking on behalf of the cashew merchants, Mr. Jide Akalaifa and Mr. Jubril Arulogun expressed appreciation for the government’s intervention and favorable terms. They emphasized that this move would provide a structured framework for local businesses to thrive and significantly contribute to Oyo State’s Internally Generated Revenue (IGR).
The land allocation is expected to open new doors for agro-based commerce and local enterprise development in the state, especially within the Ogbomoso region, which is known for its strong agricultural trade.
This development reflects the Oyo State Government’s ongoing commitment under Governor Seyi Makinde’s administration to create a business-friendly environment across all local government areas.
For more updates on government policy, trade developments, and grassroots business empowerment, stay with Newspot Nigeria.
Full Statement Below:
Happy Sunday, dear colleagues.
Press Release
Oyo Gov’t Allocates Lands To Cashew Merchants
The Oyo State Government has officially issued land allocation letters to cashew merchants based at the Ultra-Modern Business Complex in Ogbomoso.
During the presentation held at his office, Secretariat, Ibadan, the Commissioner for Investment, Trade, Cooperatives, and Industry, Hon. Adeniyi Adebisi, emphasized that this event marks the resolution of a prolonged land regularization process between the merchants and the government.
Adebisi described the issuance of land allocation as a major advancement for economic growth, underscoring the importance of peace and dialogue in addressing disputes and fostering development.
“For the government, economic expansion is paramount. A thriving economy can only flourish in a peaceful environment,” he stated.
He elaborated that following multiple discussions with the merchants, the government has approved a reduced rate of ₦250 per square metre, down from the original ₦500, and provided a two-year moratorium, with payments scheduled to commence in May 2025 and continue until April 2035.
The commissioner assured the merchants that the allocation process is transparent and devoid of intermediaries, commending them for their patience throughout the negotiations.
In their response, Cashew merchants, Mr. Jide Akalaifa, and Mr. Jubril Arulogun, who spoke on behalf of others, expressed their gratitude for the government’s intervention and transparency.
They thanked the Ministry for addressing their concerns and offering favourable terms, noting that the government’s efforts reinforce its commitment to fostering inclusive economic development.
The duo hinted that the allocation will provide structured opportunities for local businesses to flourish and contribute to the State’s internally generated revenue.
E-signed:
Prince Dotun Oyelade
Commissioner for Information and Orientation,
Oyo State
July 6, 2025
