Circular Road: Catalyst For Economic Growth, Industrialisation, Urban Development — OYSIPA

Mr Olatilewa Folami, the Director-General of the Oyo State Investment and Public Private Partnership Agency (OYSIPA), has said that the 110-kilometer Ibadan Circular Road project is designed to act as a catalyst for economic growth, industrialisation, and urban development.

Folami stated this while hosting members of the executive of the state Correspondents’ Chapel, who paid him a familiarisation visit in Ibadan.

The OYSIPA DG said that the project, which has been in development across multiple administrations since 2005, is expected to fundamentally transform the economy of Ibadan and surrounding areas.

He said that the ongoing 110-kilometre Circular Road project that cut across some local government areas of the state will have far-reaching economic benefits, not only for Oyo State, but Nigeria when completed.

He explained that the project was initiated and facilitated by OYSIPA, before handing over to the state Ministry of Works, is designed to transform Ibadan into a major economic corridor and strengthen its role as a national transportation hub.

According to him, Ibadan’s strategic location makes the circular road critical to the country’s economic activities.

“When we came in, we understood the importance of completing this 110-kilometre circular road. Once completed, it will have a huge economic and generational impact, not just on Oyo State, but on Nigeria as a whole,” OYSIPA DG said.

He noted that Ibadan has historically served as a major trading hub, adding that travellers moving from Lagos to the northern parts of the country and other regions must pass through the city.

“The circular road project is divided into four quadrants to ease implementation.
OYSIPA initiated and facilitated the project with groundwork, but currently managed by the Ministry of Works.

“As you can see today, the project is divided into four quadrants. The first quadrant is completed, while work on the second quadrant is about halfway done. Roads have been cleared and major interchanges constructed.

“Governor Seyi Makinde is determined to complete 70 per cent of the road before the end of his administration, and we are optimistic about achieving that.

“I therefore want to use this medium to call on the incoming administration to continue the project for the people to fully benefit from it,”he said.

Folami explained that the circular road would open up new economic zones across the state capital, creating opportunities for industrial, residential and commercial developments.

“The road is not just infrastructure; it will generate economic activities along its corridor, boosting light industries, housing and other commercial developments. Essentially, it will create a new economic landscape for Ibadan,” he said.

Speaking on other infrastructure executed by the Makinde-led administration, the OYSIPA DG noted that improved road connectivity has significantly reduced travel time across the state.

Folami further spoke on the state government’s agricultural transformation agenda, citing the Fashola Agribusiness Industrial Hub as a key project aimed at modernising farming and reducing post-harvest losses.

“We piloted the Fashola Agribusiness Transformation Hub because agriculture has always been a key sector, though it became neglected after the discovery of oil. This administration sought to modernise it,” he said.

He explained that the hub, which occupies about 1,100 hectares, hosts dairy operations, greenhouses and several agricultural companies operating in close proximity to farmers.

Following the success of the Fashola hub, Folami said the state has commenced work on a larger agricultural hub in Ijaye.

“After Fashola, we launched a bigger hub in Ijaye spanning about 3,300 hectares with support from the African Development Bank. The aim is to create seven agri-hubs so that farmers in each geopolitical zone can access nearby processing and market facilities,” he said.

The OYSIPA director-general also revealed that the state government has allocated about 500 hectares of land along the Lagos-Ibadan Expressway to a foreign investor for the development of a free trade zone.

“This road is Nigeria’s economic lifeline, and the free trade zone is strategically positioned to boost the economy, with about 500 industries planned upon completion. Early groundwork is already underway,” he said.

Folami added that the circular road would also provide direct connectivity to the Lagos-Ibadan Expressway and key infrastructure such as the Ladoke Akintola International Airport.

He noted that the airport has recently undergone significant upgrades, including the expansion of its runway to accommodate larger aircraft.

“The runway expansion is complete, allowing bigger aircraft to land, while the terminal upgrade is expected to be completed by August,” he said.

According to him, the installation of Instrument Landing System (ILS) equipment will enable aircraft to land at any time of the day, making the airport operational round the clock.

Folami further disclosed that the state government’s Small and Medium Enterprises support programme, SAFER, injected about N500 million into micro and nano businesses through single-digit loans.

“That initiative alone pumped about a billion naira into the economy, while the ongoing second phase of SAFER has already added nearly N700 million,” he said.

He added that the NG-CARES project, supported by the World Bank, injected close to N2 billion into the state economy through grants to vulnerable businesses and households.

Folami said the various projects and interventions align with the state government’s development agenda aimed at ensuring sustainable economic growth between 2023 and 2027.

“In summary, from roads and airports to agriculture and economic empowerment, this administration has implemented projects that are transforming Oyo State.

“Even those still underway are laying the foundation for sustained growth,”he added.

—Kunle Bakare.