• The Oyo State government has signed a 15-year concession deal to redevelop Bower’s Tower in Ibadan
• The initiative aligns with Governor Seyi Makinde’s economic and tourism development agenda
• The redevelopment projected aims to stimulate businesses and create jobs, especially for youths

The Oyo State Government has announced plans to redevelop the historic Bower’s Tower as part of a broader push to strengthen tourism and economic growth.

The project, unveiled on Thursday, April 23, will see the iconic Ibadan landmark transformed through a concession agreement with SystemSpecs Whatadeal Limited.

Speaking at the signing ceremony held at the Ministry of Culture and Tourism, Agodi Secretariat in Ibadan, the Director-General of the Oyo State Investment and Public-Private Partnership Agency (OYSIPA), Tilewa Folami, explained that the redevelopment would be executed in phases to reposition the site as a top-tier tourism destination.

Folami disclosed that the concession agreement will span 15 years, with operations set to begin after the completion of the first phase and a moratorium period of 18 to 24 months.

The private firm has been given up to 24 months to fully rehabilitate and modernise the facility in line with global standards.

He noted that the delayed commencement of the concession period is intended to ensure that the agreement timeline only starts when the site becomes commercially viable.

Folami said, “This concession will transform the facility into a modern, world-class destination. It is expected to create another attraction where residents and visitors from across Nigeria and beyond can come to see, enjoy and experience Oyo.

“The initiative aligns with the broader development drive of the present administration, particularly in its second term, where projects have been deliberately linked to economic growth and long-term progress.

“The state’s aviation infrastructure has also recorded major milestones, with the international runway completed in November 2025 and already in use.

“This was evident when President Bola Tinubu landed on the runway during the Olubadan coronation ceremonies. With the prospect of direct international flights, the state is positioning itself as a key gateway for investment and tourism.

“In the agricultural sector, the agribusiness initiative is gaining momentum, enabling the state to move beyond exporting raw materials to focusing on value addition. This shift is expected to boost local industries and create more economic opportunities.

“Infrastructure development has also remained a priority, with road networks expanded and upgraded to connect various geopolitical zones within the state. Improved connectivity is making the movement of goods, services and people more efficient.

“These combined efforts are designed to attract more investors, visitors and tourists, ultimately strengthening the state’s economy and generating employment, particularly for young people.

“The signing of this concession agreement marks another step in this direction, with the investor expected to outline key aspects of the partnership.

“Efforts are also underway to improve road networks and access routes leading to the tower, with a view to easing movement for tourists, investors, and other visitors.

“On the private sector side, execution of the project is being led by SystemSpecs Whatadeal Limited.”

Also speaking, the Managing Director of SystemSpecs Whatadeal Limited, Obafela Bank-Olemoh, praised the transparency of the selection process, noting that his company emerged through a merit-based system.

He said, “Bower’s Tower, long regarded as one of Ibadan’s most prominent historical landmarks, is expected to be transformed into a modern destination capable of attracting both domestic and international visitors.

“Upon completion, the upgraded facility is projected to increase tourism traffic, stimulate surrounding businesses, and generate employment opportunities, particularly for young people.”

The redevelopment is part of the administration of Governor Seyi Makinde to unlock the economic potential of public assets through public-private partnerships and boost the state’s tourism appeal.

Olumo Rock revenue rises from N3m yearly to N40m monthly after refurbishment – Abiodun

Meanwhile, TheRadar earlier reported that the Governor of Ogun State, Dapo Abiodun, said the refurbishment of the Olumo Rock Tourist Centre in Abeokuta has significantly increased the site’s revenue and strengthened its position as one of Nigeria’s leading tourist attractions.

According to him, Olumo Rock was generating only about N3m to N4m annually before the intervention because of its poor condition at the time.

The governor said the tourist centre has grown in visibility and now ranks among the most popular attractions in the country.