Ibadan’s Industrial Renaissance: Olubadan Launches High‐Powered Committee to Revive Dormant Industries
In a bold move designed to reinvigorate economic activity in the historic city of Ibadan, the traditional monarch, Oba Rasidi Adewolu Ladoja (Olubadan of Ibadanland), has formally inaugurated a robust economic revitalisation committee, with the express mandate to resuscitate the moribund industrial sector of the region.
Held at his palace in Ibadan on Thursday, the event signals the beginning of a new chapter for the city—one built on restoring its industrial glory, creating jobs and stimulating local investment. As Oba Ladoja noted, “the people of Ibadan were yearning for a return to the city’s economic vibrancy of decades past when it served as a key industrial hub.”
Appointment of the Committee: Who’s on Board?
The committee, formed under his leadership, is chaired by former Minister of Trade, Onikepo Akande, and co-chaired by former Head of Service of the Federation, Professor Dapo Afolabi. Other key members include:
Chief Adelodun Olaiya – Ex-Group Managing Director of First Bank of Nigeria
Dr. Kazeem Sola Adeduntan – Bada Olubadan-designate
Chief Dotun Sanusi, Kola Karim, Aregbe Omo Balogun, Chief Taofeek Adegboyega Adegoke
Chief Tajudeen Aremu – former Head of Service of Oyo State; serves as Secretary of the committee
Mr Remi Bello – former President of the Lagos Chamber of Commerce & Industry (LCCI) and Agbaakin Atayese of Ibadanland
Chief Yomi Idowu; Chief Owolabi Oladejo; Dr Bayo Olugbemi – former President and Chairman, Governing Council, Chartered Institute of Bankers of Nigeria (CIBN)
The calibre of the group reflects the seriousness with which the Olubadan is approaching this industrial revival drive—bringing together seasoned public sector leaders, high-level banking and finance professionals, and local Ibadan traditional and business stakeholders.
Why This Matters: The Industry Comeback Agenda
In his address, Oba Ladoja invoked a sense of urgency and nostalgia: “The question people are asking is: where is Leyland? Where is Exide Battery? Where is Wire and Cable? Where is Isoglass? Where is Ferodo?” These were once vibrant industrial concerns in the city. He lamented their disappearance and pledged to find out why they collapsed and what needs to be done to bring them back.
Key implications of this initiative include:
Job creation: Reviving dormant industries can absorb Ibadan’s youth and reduce unemployment.
Economic diversification: Moving away from reliance on service/tertiary sector alone and rebuilding manufacturing capability.
Local investment attraction: By signalling a serious intent from the traditional institution, the city may attract domestic and foreign capital.
Urban renewal: An industrial revival can stimulate infrastructure upgrades, logistics chains, and attendant businesses.
Strategic Focus: What Will the Committee Likely Tackle?
While the formal terms of reference may yet be published, hints from the launch suggest the following priorities:
1. Diagnostics and root-cause analysis
The monarch has emphasised investigating why once-thriving industries failed, underlining that understanding past failures is foundational to sustainable revival.
2. Stakeholder engagement
Both in the public and private sectors—including management of former plants, labour unions, local government, finance houses and traditional land offices.
3. Investment and financing framework
With members having banking, finance and business backgrounds, a major part of the agenda will likely include attracting capital, structuring funding models, and incentivising investors.
4. Policy and regulatory environment
The committee may recommend local incentives, land/lease reforms in Ibadanland, power/logistics support and possibly state/traditional collaboration to reduce bottlenecks.
5. Revival of specific industrial assets
The brands referenced (Leyland, Exide Battery, Wire & Cable, Isoglass, Ferodo) signify factories with existing infrastructure that can be refurbished or repurposed.
Significance for Ibadan and Beyond
The move holds several strategic benefits:
For Ibadan: It marks a conscious shift away from being a dormitory city to reclaiming industrial strength and identity. It aligns with aspirations to become a hub for manufacturing and economic activity in the south-west.
For Oyo State & Region: A revived Ibadan industrial base can stimulate the broader regional economy, enhance supply chains and reduce migration pressures to Lagos.
For Nigeria: At a national level, the revival of regional manufacturing centres supports the broader agenda of industrialisation, job creation and reducing import dependence.
Challenges and Success Factors
As with any large-scale revival, the committee will face hurdles such as:
Capital-intensive nature of manufacturing
Legacy issues: environmental remediation of old plants, obsolete machinery
Infrastructure bottlenecks: power, transport, logistics
Labour skills gap– having local workers with up-to-date industrial skills
Regulatory/land tenure protection: especially in traditional areas
Measurable timelines and accountability
Success will hinge on establishing clear deliverables, measurable milestones, accountable governance and transparent finance flows.
With the inauguration of this high-powered committee, the Olubadan of Ibadanland has signalled a serious, structured effort to bring back manufacturing vitality to a city renowned for its industrial past. By leveraging high-level expertise, combining traditional authority with business acumen, and focussing on strategic revival of dormant industries, the initiative offers hope for job creation, economic diversification and local empowerment. The road ahead will demand rigorous execution, stakeholder alignment and resilience—but the launch itself is a positive signal.
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