Ogun gradually draining Lagos deep pocket investors’ with attractive incentives
…As Osinbajo, Ministers ready for state investors’ forum
Investigations by Business Hilights Intelligence Unit (BHIU), the research arm of Business Hilights publications, has revealed that “mega manufacturing firms that hitherto do production in parts of Lagos State have gradually started relocating to Ogun State especially in Agbara, Ifo, Shagamu, Mowe and Sango-Ota fringe communities”.
The report released in Lagos on Monday said “Some of the reasons for the silent exodus of deep pocket investors’ include cost of space for expansion, traffic crisis, area boys momentary invasion of company’s premises demanding for ‘settlement’ and multiple taxation”.
Described as one of West Africa’s fastest growing investment destinations, Ogun State has attracted 304 industries in the last seven years.
Out of this figure, 148 have each invested between $2m and $2bn, while the remaining 156 have invested $50m each.
From a N730m monthly internally-generated revenue the Senator Ibikunle Amosun administration inherited on May 29, 2011, the figure has increased to N7bn. In 2011, Ogun State was ranked 35th in terms of the Ease of Ding Business. In February 2014, the state was rated as number four in the country.
However, to further deepen the relocation from Lagos to Ogun and encourage new investors, the state government has concluded arrangements to hold investors’ forum where the government will unfold new incentives to remain existing investors and welcome new ones.
Details made available to our correspondent show that over 1,423 key players in the industrial, agricultural and technological sectors of the Nigerian economy will gather in Abeokuta, Ogun State, from tomorrow, Tuesday and Wednesday for the fourth edition of the Ogun State Investors’ Forum 2018.
Already, the Vice-President, Prof. Yemi Osinbajo, is expected to declare the forum open under the theme, ‘Consolidating the gains, accelerating growth’.
The event, which will take place at the June 12 Cultural Centre, Kuto, Abeokuta, will focus on agriculture, industry and technology.
The Ogun State Governor, Senator Ibikunle Amosun, who is the convener of the forum, would play host to all the eminent guests, including a former President of Mexico, Felipe Calderon; former Chief Business Officer, Google X, Mr. Mo Gawdat Salem; and Minister of Agriculture and Rural Development, Chief Audu Ogbeh.
Others are the Minister of Finance, Mrs. Kemi Adeosun and her counterpart in the Industry, Trade and Investment Ministry, Dr. Okechukwu Enelamah.
Additional details on Ogun State economy showed that it remains a vast economic hub with great potential for the Nigerian market that would be fully tapped through partnerships with investors and stakeholders.
“A World Bank report on Ease of Doing Business and another survey by the Manufacturers Association of Nigeria, showed that 75 per cent of Foreign Direct Investment that came into Nigeria between 2016 and 2017 were domiciled in Ogun State.
“The present administration has reportedly created conducive environment for business to thrive in addition to creating the necessary infrastructure.
“The government will also focus on the mining sector as it leverages the value chain in the agricultural sector to leap frog the development strides of the state while consolidating on the gains made since 2012,” Ogun State government averred.
