Akinwande Soji-Ojo
The ancient city of Ibadan, the Oyo State capital, has been described as the cornerstone for regional growth, entrepreneurship, educational advancement, and innovation in South West Nigeria.
The vice chancellor, Lead City University, Ibadan, Prof. Kabiru Adeyemo, highlighted the city’s contribution to Nigeria’s growth while delivering a paper, titled, ‘Ibadanland: A Region of Entrepreneurship Development, Innovation and Educational Advancements in Nigeria,’ at the 44th annual Omo Ajorosun Day, and inauguration of new executive of Omo Ajorosun club.
He said Ibadan’s strategic location, rich cultural heritage, and historical significance have established the city as a pivotal player in both the South West region and the nation at large.
“This enduring influence positions Ibadan to continue being a cornerstone of Nigeria’s progress and development,” the VC said.
Adeyemo noted that Ibadan serves as a key junction for transportation and trade between Lagos, the commercial capital of Nigeria, and the northern parts of the country. He said the city’s economy is diversified, with sectors ranging from agriculture and manufacturing to retail and services.
According to Adeyemo, the presence of major markets in Ibadan play an indispensable role in the development of entrepreneurship by providing access to resources, fostering innovation, supporting skills development, and creating employment opportunities.
“They serve as vital platforms for economic activities that contribute to the overall growth and sustainability of businesses in the region,” he said.
The VC noted the role of entrepreneurship in the economic expansion of Ibadan land, which are job creation and economic diversification, innovation and competitiveness and investment attraction. He added that supportive ecosystem, government policies and initiatives, educational institutions and training programmes and emerging startups are key drivers of entrepreneurship development in Ibadan land.
Adeyemo, however, said while entrepreneurship development in Ibadan land is full of potential, it faces several challenges that hinder the growth and sustainability of businesses.
“These challenges are multifaceted, impacting various aspects of the entrepreneurial ecosystem; access to capital, inadequate infrastructure, limited access to markets, regulatory and bureaucratic barriers, limited access to skilled labour, inadequate business support services, cultural and social barriers, limited technological adoption.
“Overcoming these challenges is crucial for fostering a thriving entrepreneurial ecosystem in Ibadan land. Addressing issues related to access to capital, infrastructure, market access, regulatory barriers, and skill development will require concerted efforts from the government, private sector, and civil society. By creating an enabling environment for entrepreneurs, Ibadan land can unlock its full potential, driving economic growth, innovation, and sustainable development in the region,” he said.
He further explained that Ibadan can continue to drive economic expansion and build a resilient and dynamic entrepreneurial ecosystem by expanding access to capital, fostering innovation through research and development, and enhancing support services for startups.
Adeyemo, who noted that tertiary institutions and research institutes in Ibadan have been pivotal in driving its development across various sectors, said their contributions to education, research, culture, and the economy have made Ibadan a leading city in Nigeria and a significant center of academic and cultural excellence in Africa.
“Continued support and investment in these institutions will further strengthen their role in the ongoing development of Ibadan land,” he said.
The VC stated that Ibadan’s multifaceted influence across key sectors, such as politics, economy, sports, communication, trade and commerce, music, legal profession, recreational activities, innovation and technological advancements as well as socio-cultural contributions have positioned the city as an economic hub in South West Nigeria.
He noted that investment in roads, public transportation, and utilities to support the growing population and economy as well as implementing policies and practices that would further promote environmental conservation, reduce pollution and improve urban general cleanliness are some of the strategies for sustainable development of Ibadan land.
“This is to improve the aesthetic view of Ibadan land and prevent flooding. Ibadan’s potential for growth and development is immense. With continued investment in education, technology, and infrastructure, the city can further solidify its position as a leader in regional and national development.
“The advancement of Ibadan land requires a collective effort beyond government initiatives. Key organizations such as the Central Council of Ibadan Indigenes (CCII), alongside stakeholders, local clubs, and associations, are essential in driving sustainable growth across social, economic, and entrepreneurial domains. By empowering local talent, attracting investment, and promoting unity through cultural and educational initiatives, these groups contribute to making Ibadan land a significant force in western Nigeria’s development,” Adeyemo stated.
