 He married Theresa Folashade Olayide (née Ikoli, daughter of famous Nigerian politician, nationalist, and pioneering journalist Ernest Sessei Ikoli) in 1961.Olayide was educated at Apostolic Church Primary School in Ilesa and Government Teachers College in Ibadan before proceeding to the University of London in 1955, where he obtained a Bachelor's degree in economics in 1957.He then went on to the US, where he obtained an MSc and PhD in agricultural economics from the University of California at Davis in 1964 and 1967.