Oyo State governor, Engr Seyi Makinde has assured that the 32 kilometres Ibadan circular road, East wing as well as renovation and remodelling of Agbowo shopping complex, Ibadan, would be completed before May 2023.
Makinde gave the assurance at separate events of the turning of the sod for the construction of 360 housing units at Ajoda New Town Estate in Egbeda local government area and concession of the shopping complex to an investor, White Stone Global Investor Limited, held on Wednesday.
Speaking during the concession of Agbowo shopping complex, Makinde said the renovation of the shopping complex would be completed in the next two years, with a capital injection of N4.9 billion by the selected concessionaire.
He said that the concessionaire had a lease period of 50 years to manage the shopping complex.
Makinde added that within the next two years, the concessionaire had a mandate to convert a moribund structure into premium commercial real estate and a 4-star hotel.
“Our administration understands that the only business that the government should have in business is to create a conducive environment and the needed support for private enterprises to thrive. And this is what we are doing.
“You will readily agree that the injection of N4.9 Billion into the Oyo State economy is an economic stimulus in the short term which will translate to broader benefits in the long run.
“The process of selecting the concessionaires was also transparent. As everyone knows, the days of getting contracts from the government solely because a person knows the governor is in the past. I make bold to say that the PPP mechanism of the state has been re-engineered for effectiveness,” he said.
The governor assured that shop owners in the complex would have the right of first refusal when the complex is finally remodeled.He also promised to put up a revolving fund scheme to assist those who may not have the money to pay for the shops by the time the project is completed.
Speaking at Ajoda, the governor pointed out that inhabitants of the estate will draw from the various benefits of living around the circular road, to be completed before his present tenure ends, while also having quick access to the Lagos-Ibadan rail corridor.
He stressed that his administration was committed to promoting housing schemes in recognition of the fact that the population of the state capital had continued to grow at the rate of two per cent since 2018.
He, however, assured that the other geopolitical zones of the state will also have similar estates sited, to be driven by the private sector investment in collaboration with the state government.
“The Managing Director of Remax Realtors, Mrs Adefunke Adesoji while speaking, asked for a subscription to the housing units. I can be your Chief Sales Officer.
“What you should be telling people is that the circular road is just behind here and this circular road will be completed during the tenure of this administration.
“It is 32kilometres from here to link up the Lagos-Ibadan express road. It will be a nicely built express road. If you’re driving at 100km/hour, you probably will do the 32kilometres in 20minutes. In 20minutes, you can hit the express going towards Lagos.
“Also, there is a section of the circular road from here to my left, it is 21kilometres that will take you to the rail corridor. From that place in Moniya, you can get on a train taking you to Ebute-Metta.
“So, one expects a smart individual to come here to purchase land or build houses as the cost of properties will increase due to coming development here,” Makinde said.
According to Makinde, a sum of N2.5 billion is to be expended by the investor for the completion of Ajoda estate within the next nine months.