A market is one of the many varieties of systems,
institutions, procedures, social relations and Infrastructures
whereby parties engage in exchange. In recent years, the development of standard markets and its impact on the environs has become a burning issue in the minds of many
governments and people alike. Consequently, this article is poised to take a comprehensive look at the new and modern Akesan Market at Oyo Town, Oyo State with respect to the economic impact on the environs.
Origin and Development of Akesan Market
Akesan is the mythical founder of Iperu, an ancient town in Ogun State, South-Western Nigeria. Oral history has it that Akesan was a daughter to an Alaafin who along with her husband Ajagbe migrated from Ile Ife to finally settle in Iperu around the 13th or 14th century. One of the school of thoughts i.e. oral African History says Akesan was said to have settled at the present Akesan market at Oyo Town in Oyo State where she sold cooked maize.
Description and Geographical Location of Akesan Market
The Akesan market is situated at Oyo Town in Oyo State. The city has four Local Goverment Areas viz: Atiba LGA, headquartered at Offa-Meta; Oyo East LGA, headquartered at Kosobo; Oyo West LGA, headquartered at Ojongbodu and Afijio LGA, headquartered at Jobele. The city is centrally located on the dual carriage A1 expressway from Lagos which links it from Ibadan all the way to “Ilorin. Originally, the market was a quintessence of
the African/Traditional market before the inferno in January, 2020.
It will be recalled that, tragedy struck in Oyo Town in the early hours of Sunday, January 5, 2020, as fire razed Akesan Market, the town’s main commercial centre, where only few shops and a filling station were not affected during the incident.
The Oyo State Governor, Gov Seyi Makinde promised to rebuild Akesan Market, provide support to victims, when he visited the site of the inferno.
The governor, who stated this at the site of the inferno and at the palace of the Alaafin of Oyo, Oba Lamidi Olayiwola Adeyemi III, said that rather than engage in buck-passing over the failure of the past administration to provide necessary fire-fighting tools, he would take responsibility for the failure of the system.
Gov Seyi Makinde led administration who came with the mindset to revamp the state’s economy, promote the spirit of entrepreneurship and resuscitate industrialization. The goal of the administration is to create wealth, improve living standards and reduce poverty. As a result, has not only shown considerable interest in the construction of the market and other ancillary activities and facilities around it, but also did the flag off the construction of the new modern Akesan market.
New Face of Akesan Modern Market
From the look of old structure before the inferno, noise and unhealthy sanitary practices are allowed to thrive there and in adequate parking spaces. The new Akesan Ultra Modern Market is envisaged as a multipurpose commercial and
business area and will serve as a key destination for the city, its visitors and tourists. It shall consist of a combination of well-ventilated lockup shops and open stalls, meeting hall, large warehousing facilities where traders can store goods purchased in bulk. The modern market will also have adequate parking spaces for cars, a mini police post , spaces for mini bank branches, a mini food court, customary court, administrative building, waste facilities and
adequate sanitation facilities to cater for the traders and visitors.
Economy Impact of Modern Akesan Market
The market will be in a good condition since it would be newly
built by the Oyo State Government, while the open market will be left at the mercy of the
shop/stall owners.
The economic impact which
the market will create to the economy development of Oyo State are as follows:
. The market will provide employment in the area as many people around, during my visit to the market affirmed that they work around the area
because of the immense trading and business opportunities
that abound within the area. Obviously, trading would
attract people to the vicinity/environs as many people
who work around there do so for some reasons related to trading. This will be made possible because of
the number of people that would troop in and out of the market
daily from different parts of the state for their business
transactions.
. The market will provide a conducive and secure environment for commercial activities in the city of Oyo.
• It will bring under one area all unorganized trading points scattered across the
Oyo metropolis and halt the abuse of the Oyo township development master plan.
. It will discourage local developers that indulge in doting shops all over the town.
• It will propel the local economy, attract wholesale merchants from across the
country and elevate commercial activity, which will have a multiplier effect.
• The market will also attract investment in other sectors of the state economy.
• It will also reduce to some extent the unemployment in the state. Interested and
qualified individuals can obtain loans through government programmes or from
the private sector to start businesses.
• It will be a good source of internally generated revenue for the state through taxes and levies on economic activities in the market.
• It will serve as a meeting point for residents, visitors and tourists.
