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.
