The Oyo State Government has announced plans to establish a new business district in Ibadan, aimed at transforming the area into a bustling commercial corridor.

This initiative was unveiled by the Commissioner for Lands, Housing and Urban Development, Williams Funmilayo, during a stakeholders' meeting held in the Akinyele Local Government Area on Friday.

According to Funmilayo, the project will cover 3,149 hectares of land, with 598.613 hectares designated for resettlement of affected villages.

He noted that 833.853 hectares will be identified as developed areas and excluded from the acquisition process, while the remaining 1,717.235 hectares will form the core of the proposed Ilu-tuntun Business District.

Enumeration and valuation of structures within the designated area are set to begin on Monday, November 4, 2024, providing clarity on the impacts of the project. Funmilayo encouraged collaboration with the private sector to enhance economic growth and improve living conditions for residents.

The council chairman of Akinyele, Wole Akinleye, expressed gratitude for the government's initiative, highlighting positive feedback from residents of nearby villages regarding the project.

He emphasized that compensation would be provided to those displaced, reflecting the government's commitment to its urbanization efforts.