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Oyo State economy

Doing business in Nigeria can be very lucrative especially when you employ the right business strategy to starting your business in Nigeria and also managing your business in Nigeria. Within the Nigerian federation, there are amazing business ideas that you can leverage on in Nigeria to create both wealth and labor. Within the Nigerian Federation, there are economic viable places or states which give its inhabitant the ease of doing business in Nigeria as they are economically viable and stable for people to do business in and thrive. For example, state like Lagos is a good place for people in Nigeria to business as the city of Lagos as a result of its economic importance arising from its high population, the presence of seaports and international airports, its closeness to several other African states and other factors has made it a Mecca for business minded people and people to find job opportunities in Lagos.

Just like doing business in Lagos which is made easier with its fast growing and rising economy, Oyo state is another viable state where people can do business in Nigeria. There are great benefits that come with doing business in the state as it is among the leading and most populous states in the south-western part of Nigeria.

Created on the 3rd of February 1976from the former western state, Ibadan the capital of Oyo state which is considered the most populous indigenous state in south of the Sahara with a population of about 1.4 million and it is largely and predominately dominated by the Yoruba people and the language spoken Yoruba. In terms of population, Oyo state is estimated to be above 6,617,720.

The major mineral resources found in Oyo state are Gold, Tin, Cocoa, Palm, Beans, Maize, Tobacco, Palm produce, Plantain, Beans, Columbite, marble, kolanut, cassava and its point of interest, Agodi Zoological garden, Mbari Center and the Ibadan University Zoo.

The Oyo State economy

While it cannot be said that the economy of Oyo State is financially buoyant and strong like that of the Niger Delta Areas of the country who enjoys a large chunk of national wealth and monthly allocation all thanks to the presence of oil in the area, Oyo State instead boost of a decent economy base as it has been able to sustain itself not just with the monthly allocation it get from the federal government but also through internally generated revenue in the State.

The Internally Generated Revenue of Oyo state was raised from about N2 billion to N2.7 billion in November 2019 and the State government through the current administration in the State has vowed to continue ensuring that the state internally generated revenue keeps rising. Through this figure as released by the Nation Statistics Bureau put the internally generated revenue of Oyo State per capita in 2018 at below N3,000 per person.

The economy of Oyo State is lately dominated by agricultural activities as the state is blessed with a rich and fertile soil which is good for agricultural activities which many in the State has gainfully employed to create wealth for themselves and as well as Labor for themselves. While many has practiced agriculture on a large scale in Oyo State, it has a ripple effect on the economy of the state has it has not only provided for the immediate means of the people of Oyo State but has also ensured the availability of raw materials for the industries within the state and outside the state. Oyo State is close to Lagos which makes it transportation of needed raw materials in Lagos from Oyo.

Also the high population of Oyo State has in many areas served great benefits to the business oriented people in Oyo as they have been able to reach out to the people with their various goods, products and services. Its large number just like that of Lagos ensures that there is a readily available market for most goods and products inasmuch as the right marketing strategy is employed in selling them.

There is presence of large markets in the state which are considered better than other markets in the south west region of the federation. This is because goods and products in Oyo state are considered cheaper compared to its neighboring states and as a result of this people often come from far and wide to get their goods and products in Oyo state. This to a great extent contributes immensely to the growth and sustenance of its economy.


List of popular markets in Oyo State


  1. Agbeni Market

The Agbeni market in Ibadan Oyo state is situated along Ologede Street and the market is made up of shops and stalls in their hundreds filed in a single stretch. Good and products in this market is cheaper and very affordable. There’s a very big chance that you can easily get any household item that you are looking for there.


  1. Bódìjà Market

This is one of the most popular and most busiest market in the city of Ibadan. The Bodija market situated in Ibadan has a large number of shops and open stalls which are all scattered in the market. The market is located around Secretariat, University of Ibadan, road of Ibadan North Local Government Area of Oyo State..  Household products food items, and manufactured products are items that you can easily find in the market at affordable price


  1. Aleshinloye Market


You can get several gift items, household items and pieces of jewelry in this market. They also sell household wares, clothes, shoes and materials. The prices of goods in Aleshinloye Market are a bit expensive but you have the assurance of getting quality items.

This is where you can get various gifts items, pieces of Jewelry and also household items. Here in this market you can get access to affora house hold wares like clothes, shoes and other materials. Although unlike other market in Ibadan, the price of goods and products in the market is a bit high when compared to that of others.


  1. Ogunpa Market


The Ogunpa market is situated in the most economic viable areas in Ibadan which is Dugbe Also.The Ogunpa market is best noted for dealing in China goods and also locally manufactured goods from machinery, household items and also fashion wares


  1. Oja Oba


Situated very close to the palace of the Olubandan’s palace, the Oba Oba market is highly noted for its perchance in selling tomatoes, yam and pepper.


  1. Bola Ige International Market


The Bola Ige international market is popularly regarded as New Gbagi Market and it’s believed by most as the first internet market in. Nigeria as it boost of having over 1 million people doing their respective business in the market The Gbagi international market is also noted to be the first international market in Nigeria.



  1. Oje Market


Dating back to over 100 years ago, the One is located about 1km from the place of the Olubandan. There you can find fabrics of any kind ranging from Alaari, Santana also you can also buy any form of herbs


  1. Dugbe Market

This is another popular and known market in Ibadan. The Dugbe market is a major him for transport and trading. It’s on record that the first storey building in Nigeria which is the Cocoa house and the just Coco Mall in Dugbe are built in the market



  1. Bashorun Market


The Bashorun Market is a not too big market in the State which is situated in Akobo ad Bashorun axis of Ibadan



  1. Apete Market

Located close to Sango and the Polytechnic of Ibadan, the Apete Market boosting a few numbers of goods and see which can be gotten at an affordable price

From the aforementioned, you can leverage on these various markets to sustain themselves as through the establishment of these markets in Ibadan it has contributed immensely to the economic growth of the state

Other factors which are contributing to the economic viability of Oyo state is that it poses a good number of industries where can reach out to and gather the much needed information to set up your own business in Oyo state.

Oyo state cannot be fully regarded as a civil servants state in the federation because it has both its citizens as state workers and as well as people doing one business or the other.


By Marcus Amudipe

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