The economy of the old Western Region of Nigeria was primarily driven by agriculture, particularly the production of cash crops like cocoa, which became the region’s economic backbone and a major export for Nigeria. Cocoa farming generated significant revenue and played a key role in financing many of the region’s social and infrastructural projects.

The Yoruba people are one of the largest ethnic groups in Africa, primarily found in Nigeria, with a significant population across the world due to migration and the historical transatlantic slave trade. Southwestern Nigeria is the cultural and population center of the Yoruba people, with key states including Lagos, Oyo, Ogun, Ondo, Osun, and Ekiti with Kwara and western Kogi. The Yoruba population in Nigeria is estimated to be over 45 million, making them one of the country's largest ethnic groups. Yoruba communities in Nigeria are predominantly urbanized, with major cities like Lagos, Ibadan, and Abeokuta playing central roles in economic, cultural, and political life. There are substantial Yoruba communities in Benin and Togo, especially in border regions like Porto-Novo, where the Yoruba have lived for centuries. In these countries, the Yoruba maintain cultural and religious practices similar to those in Nigeria, though many have also adopted the languages and cultures of their host nations.