An assessment of the economic implications of urban renewal projects on displaced traders in Ibadan South-West Local Government Area, Oyo State
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Background of the Study
Urban renewal projects in Ibadan South-West Local Government Area, Oyo State, have been implemented with the intention of modernizing infrastructure and stimulating economic growth. However, these projects often result in the displacement of established traders whose businesses are rooted in long-standing market systems (Olatunde, 2023). The redevelopment processes, while aimed at improving urban aesthetics and functionality, tend to disrupt existing commercial networks and lead to increased operational costs for displaced traders (Ajani, 2024). Such displacements cause not only a loss of income but also a weakening of the social fabric that supports local trade communities. Recent research indicates that while urban renewal may enhance overall city development, its economic implications for marginalized traders are often overlooked, resulting in economic dislocation and social tension (Adekunle, 2025). This study investigates the economic consequences of urban renewal on displaced traders, examining the extent of income loss, business interruption, and the potential for reintegration into new commercial spaces. The goal is to inform more equitable urban renewal policies that consider the needs of vulnerable traders.
Statement of the Problem
Urban renewal projects in Ibadan South-West have led to the displacement of traders, resulting in significant economic hardships. Displaced traders experience reduced business opportunities, increased operational costs, and loss of established customer networks (Ogunleye, 2024). The failure to provide adequate compensation or alternative trading spaces exacerbates these challenges, leading to long-term economic instability for affected individuals. This study seeks to quantify the economic implications of urban renewal on displaced traders and identify measures to mitigate adverse effects, ensuring more inclusive urban development.
Objectives of the Study:
• To evaluate the economic impact of urban renewal on displaced traders.
• To analyze the loss of business networks and income resulting from displacement.
• To propose recommendations for mitigating negative economic impacts through inclusive urban planning.
Research Questions:
• What are the economic consequences of urban renewal for displaced traders in Ibadan South-West?
• How does displacement affect traders’ income and business networks?
• What measures can be implemented to support traders during urban renewal processes?
Research Hypotheses:
• H1: Urban renewal projects significantly reduce the income of displaced traders.
• H2: Displacement disrupts established business networks and customer relationships.
• H3: Inclusive urban planning measures can alleviate the economic hardships of displaced traders.
Significance of the Study
This study is essential for understanding the economic impact of urban renewal on displaced traders in Ibadan South-West. Its findings will inform urban policymakers on strategies to mitigate adverse effects and promote equitable redevelopment. By addressing the economic challenges faced by vulnerable traders, the research contributes to more sustainable urban renewal processes and improved local economic stability (Ogun, 2023; Balogun, 2025). The insights are crucial for fostering inclusive city development.
Scope and Limitations of the Study:
This study is limited to assessing the economic implications of urban renewal projects on displaced traders in Ibadan South-West Local Government Area, Oyo State. It focuses solely on trader displacement, income loss, and network disruption, excluding other urban renewal impacts. Data are sourced exclusively from local market studies and trader interviews.
Definitions of Terms:
• Urban Renewal: Redevelopment projects aimed at modernizing urban areas.
• Displaced Traders: Business operators forced to relocate due to redevelopment.
• Economic Implications: The financial consequences resulting from policy or structural changes.
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