SINCE assuming workplace because the fifth democratically elected Governor of Ogun State, Prince Dapo Abiodun, a billionaire enterprise mogul with many years of boardroom expertise, has not ceased advertising and marketing Ogun State as Nigeria’s funding vacation spot of alternative. As a visionary chief, one who, based on Forbes journal, “units a long-term imaginative and prescient, creates a strategic plan to realize that imaginative and prescient, and empowers others to collaborate in the direction of that shared aim”, Governor Abiodun is sort of cognizant of the considering that International Direct Funding (FDI) is required to make sure the job creation, capital accumulation and export development required to tame excessive poverty. He subscribes to the view expressed by the Organisation for Financial Co-operation and Improvement (OECD), a global organisation that works to construct higher insurance policies for higher lives, that well-designed funding promotion and facilitation insurance policies assist to make sure that international investments help nationwide growth aims and generate optimistic spillovers, together with via linkages with native firms, the switch of abilities and applied sciences and the event of much less developed areas.
It’s a no-brainer that funding promotion performs essential roles in attracting international and home funding, contributing to a rustic’s financial development and growth. By being the chief salesman of Ogun State, Prince Abiodun has his sights set on job creation, financial development and infrastructure growth. This can be a certain path to improved residing requirements, expertise switch and financial diversification. It’s no coincidence that Abiodun’s Gateway State has an enormous IGR profile that marks it out as one of many few financially self-sufficient states within the nation. Underneath Abiodun, Ogun is among the states that traders have made a second dwelling. It has Nigeria’s largest industrial structure, dotted with constructions by producers. Steadily, however certainly, the Iperu-born prince is popping the Ogun financial system round, making it a state with an enviable standing. He has been capable of create a local weather that enhances the expansion of business, making the most of the state’s proximity to Lagos, and enhancing income era. Ogun is among the few states with income earnings within the area of N150bn yearly, and that may conveniently pay salaries with out federal help.
Intent on attracting traders, Abiodun has taken the constructing of highway networks, federal, state or native, as an article of religion. As a result of Ogun has the best variety of federal roads within the nation, sharing borders with the Republic of Benin, Abiodun has reinvented diplomacy to get the Federal Authorities to restore its many unhealthy roads within the state, or to take over the restore outright. He has emplaced seamless registration of companies, and is continually on the highway to draw investments into totally different sectors of the state’s financial system. In April 2022, the Ogun State authorities signed a $400m MoU with a international agency, Come up Built-in Industrial Platform, on the event of Olokola Free Commerce Zone and Remo Agro Processing Zone. Founder/CEO of the Platform, Gagan Gupta, indicated that the $400m could be for the completion of section one of many tasks, saying by July 2023, the funding could be greater.
As Governor Abiodun mentioned on the event, his administration on the inception had recognized the comparative benefit of the state and set out to herald extra traders whose investments wouldn’t solely improve the socio-economic well-being of the folks, but additionally retain the state’s place as the economic capital of the nation. He had added: “Ogun stays the most secure state within the nation as a result of safety structure put in place, whereas over 400km of highway had been constructed and numerous reforms and insurance policies put in place to assist enhance the Ease of Doing Enterprise rating of the state.” In August of the identical yr, a metal conglomerate, African Industries Group, pledged to take a position over $500m within the Ogun State financial system, with the chairman of the group, Mr Raj Gupta, saying: “I’ve to say I’m very impressed thus far with what now we have seen because the progress made by the current administration.”
Nigerians will recall that in Might 2023, the Canadian Authorities indicated curiosity in investing within the agricultural and technological sectors of the Ogun financial system to strengthen over 60 years of the bilateral relationship with Nigeria. The Canadian Ambassador to Nigeria, Mr. Jamie Christoff, talking throughout a courtesy go to to the Governor’s Workplace, Oke-Mosan, Abeokuta, declared: “For us in Canada, we see potential curiosity within the sector of agriculture, clear expertise.” In response, Governor Abiodun: “Now we have huge land and huge assets. Now we have many mineral assets from limestone, which is about two-thirds of our land, and others, together with silica and big forest reserves. All these make us the economic capital of Nigeria as most firms have their monetary headquarters in Lagos, whereas their main manufacturing factories are situated in Ogun State.”
In July 2024, the South Africa-Nigeria Enterprise Chamber pledged to spearhead aggressive funding drive for Ogun State, funding collection of investments to drive financial development and growth within the State. Chief Govt Officer (CEO) of the South Africa-Nigeria Enterprise Chamber, Diana Video games, expressed the Chamber’s readiness to partnering Ogun State in numerous sectors of financial system, particularly because it regards investments in agriculture, digital financial system, agribusiness, stable minerals, emphasizing the State’s strategic positioning and manpower as key parts for potential traders. Stated Video games: “The wealth of alternative in Ogun State is extraordinary. We’re dedicated to supporting the State’s growth ambitions, notably by way of funding investments that may drive financial development and place Ogun State as a premier funding vacation spot.”
In August final yr, the Nigerian Society of Engineers (NSE) expressed robust help for the $500 million funding by the Japanese Worldwide Cooperation Company (JICA) to reinforce energy infrastructure in Ogun State. This funding focuses on strengthening the transmission community alongside the Lagos-Ogun Industrial hall, notably within the Agbara, Sagamu, and Mowe clusters, marking a important milestone in addressing the persistent energy challenges confronted by industries and residents within the area.
And keying into the funding ecology within the state, a Chinese language firm, Internal Galaxy Metal Firm Restricted, in October final yr, introduced a $300 million funding to ascertain a brand new metal plant for the manufacturing of specialized metal merchandise in Ogun State. President of the Chinese language firm, Mr Li Shuang, mentioned that the plant would undertake the manufacturing of specialized metal merchandise like plates, angles, beams, and stainless merchandise, an funding was anticipated to extend the metal manufacturing output of the nation, scale back Nigeria’s reliance on imported specialised metal merchandise and preserve scarce international change with attendant employment era alternatives. This, he mentioned, included 10,000 each direct and oblique employment, together with different multiplier results within the financial system. It got here as no shock, then, when in the identical month, Statisense, a pioneering AI information firm, pointed consideration to the $25 million FDI that the Abiodun’s administration had beforehand secured over the previous yr, itemizing Ogun State as one of many high 5 main states in Nigeria for attracting important international investments.
Nonetheless in October 2024, the Ogun State Authorities introduced the institution of a $5 million battery recycling plant by a British firm. Stated Governor Abiodun following a go to from the British Excessive Commissioner, Richard Montgomery, to the state capital, Abeokuta: “We’re happy to announce the institution of a $5 million British battery recycling firm in @OGSG_Official, marking the primary of its variety in Africa. This initiative, in collaboration with Ogun Make investments and the Bureau of Lands, will convey cutting-edge expertise and new job alternatives to our state, positioning Ogun as a pacesetter in battery recycling throughout Africa. The plant will recycle e-waste, changing battery cells again into chemical kind and exporting the minerals for brand spanking new battery manufacturing.” Abiodun added that the UK had expressed additional curiosity in investing in vitality, expertise, agriculture, and schooling.
If the Gateway Worldwide Agro-Cargo Airport, the engineering masterpiece planted by the Abiodun administration within the Iperu-Ilishan axis of the state might be taken as a metaphor, it’s an expression of the intent of the state beneath Abiodun to fly into above any obstacles a wonderful daybreak of prosperity. The airport, now licensed for non-scheduled flights, with scheduled flight approval anticipated quickly, is a testomony to Abiodun’s genius, as is the Kajola Dry Port whose development will start shortly, and which can complement the agro-cargo airport by receiving items from the Apapa and Tincan ports.
Governor Dapo Abiodun positively means enterprise, and one of the best of Ogun State is but to come back.
