Oyingbo, like most parts of Lagos, dates its history back to the early settlement of the Awori people, one of Lagos’s earliest indigenous groups. The name Oyingbo originates from the Yoruba phrase “Eyin Gbongbo”, meaning “behind the big tree root.” The market got its name because early trading activities were conducted behind a massive tree with sprawling roots, which served as a landmark for traders.

The market was formally established in the 1920s as a depot for agricultural goods, growing rapidly due to Lagos’s expanding economy. By the 1930s, traders from Apapa Road were relocated to the present-day market site, expanding the variety of goods sold to include meat, livestock, and textiles. Over time, Oyingbo Market became a major commercial hub, attracting merchants from across Nigeria and beyond.

The area has been under different administrative authorities over the years; In 1918, it was managed by the Lagos Town Council. In 1963, it was transferred to the Lagos City Council. In 1976-1977, it was placed under the Lagos Mainland Local Government, which still controls it today. Traditional leadership in Oyingbo is headed by Oba Oloto, the Awori king, alongside several Baales (local chiefs), including the Baale of Oyingbo, High Chief Adegboyega Fakayode Junaid. In 1991, the old Oyingbo Market was demolished due to infrastructural decay, flooding, and space constraints. Attempts at reconstruction were made under Governor Michael Otedola’s administration, with M.K.O. Abiola leading fundraising efforts, but full redevelopment took years.

Today, Oyingbo remains a key commercial and transport hub, housing the Oyingbo Rail Station as part of the Lagos Blue Line Rail project, which enhances connectivity between the Mainland and Lagos Island.