The Oyo State Government has officially issued land allocation letters to cashew merchants based at the Ultra-Modern Business Complex in Ogbomoso. This move marks the resolution of a prolonged land regularization process between the merchants and the government.
The land allocation is a result of the government’s efforts to provide structured opportunities for local businesses to flourish and contribute to the State’s internally generated revenue. The government had been engaged in discussions with the cashew merchants to resolve issues surrounding land ownership and payment terms.
The government has approved a reduced rate of ₦250 per square meter, down from the original ₦500. This reduction is expected to ease the financial burden on the merchants and enable them to thrive in business. Additionally, a two-year moratorium has been granted, with payments scheduled to commence in May 2025 and continue until April 2035.
The government’s objective is to foster economic growth and promote inclusive development. By providing favorable terms and a transparent process, the government aims to create an enabling environment for local businesses to flourish. This move is expected to contribute to the State’s economic development and increase revenue generation.
The cashew merchants have expressed gratitude for the government’s intervention and transparency. Mr. Jide Akalaifa and Mr. Jubril Arulogun, representatives of the merchants, noted that the favorable terms will enable them to thrive in business and contribute to the State’s economy.
The Oyo State Government has reiterated its commitment to fostering inclusive economic development. The Commissioner for Investment, Trade, Cooperatives, and Industry, Hon. Adeniyi Adebisi, assured the merchants that the allocation process is transparent and devoid of intermediaries. The government is expected to continue working with local businesses to promote economic growth and development.
