By Femi Ogbonnikan
The Ogun State Investment Promotion and Facilitation Agency (OgunInvest), in line with its mandate to sustain the state as an investment destination of choice in Nigeria and beyond, last week, organized an investment webinar in collaboration with international chambers of commerce. The aim of the webinar was to, among other things, attract new investments by showcasing opportunities in Ogun State to potential investors, promote the State as an investment destination, highlight the benefits and strategic advantages of investing in the state to a global audience and enhance its reputation as a premier investment destination.
The event not only provided a platform for direct interaction between potential investors and key government officials to foster a better understanding of the investment climate in the State, it also served as a unique opportunity for participants to explore key sector areas offering high prospect of investment returns within the state’s economic landscape. These sectors include: Agriculture, Manufacturing, Energy, Transport, Housing, Information & Communication Technology (ICT) et cetera.
It essentially addressed the concerns of foreign investors by highlighting key sectors, detailing insights into the most promising choices available within Ogun State as well as their potential for high returns on investment. While identifying the challenges investors may likely face, it also offered solutions and support mechanisms available to overcome any obstacle.
For the successful hosting of the event on Friday, July 26, 2024, kudos has been given to Governor Dapo Abiodun, whose initiative gave birth to the Ogun State Investment Promotion and Facilitation Agency (OgunInvest), the organizer of the interactive forum. The objectives of the seminar align with the mandate of the facilitating agency. Primarily, the idea behind OgunInvest, under the able leadership of Miss Sola Arobieke, Special Adviser (SA) to the Governor, is to foster stronger economic ties between Ogun State and international business communities, provide information on government support, inform investors about various policies, incentives, and other support services available to facilitate investment. Since the idea came into being, OgunInvest’s role has tremendously increased its visibility, awareness and services among the global investment community.
Ogun State Investment Promotion and Facilitation Agency (OgunInvest) was established by law in 2019, with Governor Dapo Abiodun CON as its Chairman. The vision of the agency is to firmly establish Ogun State as the industrial and logistics hub of Nigeria and the preferred investment destination in the region. Its mission is to create an investor-friendly environment that attracts and retains domestic and international investments, fostering economic growth.
In line with its mandate to attract and facilitate new investments into Ogun State, OgunInvest is dedicated to enhancing the state’s economic growth and promoting it as the premier investment destination in Nigeria. Its mission is to provide comprehensive support and services to investors, ensuring a smooth and successful investment journey.
Beyond that, OgunInvest provides comprehensive support services to investors, offering a one-stop solution for investment facilitation. This includes assisting with initial inquiries, providing detailed information on investment opportunities, guiding investors through regulatory requirements, and offering aftercare services to ensure successful investment operations.
The agency also plays a key role in enhancing the state’s business environment through policy advocacy and reforms, aiming to create a conducive atmosphere for investment.
The overall objective of OgunInvest aligns with the desire of the South Africa-Nigeria Business Chamber to foster and promote business relationships between South Africa and Nigeria. Established to facilitate trade and investment between these two key African economies, the chamber provides a platform for businesses to explore opportunities, share insights, and build strategic partnerships. The chamber’s mission is to support and enhance bilateral economic ties, advocate for conducive business environments, and promote sustainable growth in both countries.
Led by a renowned business analyst, Dianna Games, with extensive experience in African markets, over the years, the South Africa-Nigeria Business Chamber has strengthened economic cooperation between South Africa and Nigeria, providing valuable support to businesses seeking to navigate the complexities of these markets. Her commitment to fostering sustainable economic development and cross-border collaboration has made her a respected figure in the business community.
For these reasons, therefore, OgunInvests decided to organize the recent interaction between Ogun State government and South Africa-Nigeria Business Chamber to serve as a precursor to other series of events that have already been laid in the pipeline to showcase the conducive business and industrial environment the present administration of Abiodun had created to attract both local and direct foreign investments. The 90-minute webinar featured, among others, a keynote address by the Hon. Commissioner of Finance and Chief Economic Adviser (CEA) to the Governor, Mr. Dapo Okubadejo, while the Hon. Commissioner of Industry, Trade & Investment (ITI), Mr. Adebola Sofela, and the Hon. Commissioner of Transport, Engr. Gbenga Dairo, participated as panelists, providing valuable insights into the key sectors and growth areas within Ogun State.
The panel offered participants a comprehensive understanding of the investment opportunities available in Ogun State, while Mr. Tilewa Adebajo, an Investment Banker and Economist and CEO, CFG Advisor, moderated the proceedings. On the overall, the state government used the occasion of the webinar to promote investment in Ogun State across several key sectors, each of which plays a crucial role in the state’s economic development. Leveraging technology for investment promotion, the webinar provided opportunity to reach a wider, more diverse audience, to promote investment opportunities abound in the state. With the theme: “Navigating the Investment Landscape in Ogun State, Nigeria: Key Sectors and Growth Areas”, webinar used the advantage of platforms like Zoom, YouTube Live, and Facebook to showcase conducive environment Ogun State offers as an investment destination with an assurance of high returns on investments.
The state Commissioner for Finance, Mr. Dapo Okubadejo, while addressing the audience, stated that Ogun State Government had invested massively in the security architecture by providing security agencies with modern crime-fighting tools to secure lives and properties in the State.
Okubadejo, who is also Chief Economic Adviser (CEA) to Governor Dapo Abiodun, further added that the State Government had created a conducive business environment for both local and international investors to operate in the State.
He disclosed the opportunities available in the agriculture sector, stressing that the State has over 16,000 square kilometers of land mass, of which about 65 percent is suitable for farming business. He, therefore, called on commercial farmers to take advantage of the all-year farming and the conducive climate to go into food or cash crops cultivation.
Also speaking on other business opportunities that abound in the State, Okubadejo said sectors like infrastructure, education, real estate, transportation and ICT were open for investment, adding that with international border and its closeness to the nation’s economic capital, Lagos, Ogun State provides the best destination of choice for Investors.
His words: “In the area of solid minerals, Ogun State is probably number one in the country as we have several minerals from limestone to bitumen, sulphate, granite and clay, among others.
“Of all these minerals, only a few are currently being exploited and developed and, of course, the most developed is the limestone where we have the largest cement companies in the country.
“We have a strong relationship with the Federal Government to be able to embark on a joint venture or partnership with any foreign investor that is interested in developing out mineral opportunities.”
He explained that the state government had opened up business clusters and also built an aerotropolis, not just as a processing zone, but provided with greenhouse, residential, hospitality business, which were opened for investors.
The Chief Economic Adviser further pointed to the opportunities that abound in the power sector, especially now that the Federal Government’s attention had shifted to sustainable electricity generation as a critical factor in the country’s march toward industrial and economic growth as core objectives of the present administration of President Bola Ahmed Tinubu. Accordingly, he encouraged investors to go into solar panel production, independent power generation and distribution. He also disclosed that the Ogun State government had been working on Free Trade Zones (FTZ) at Olokola, Ogun Waterside and a Dry Port at Kajola, Abeokuta, to enhance industrial transformation of the state.
While speaking on the steps taken to ensure the ease-of-doing-business in the State, the commissioner said an investment facilitation agency has been set up to provide one-stop solution, including assisting with inquiries, providing detailed information on investment opportunities, guiding investors through regulatory requirements, to ensure business operations.
Okubadejo, while assuring of adequate manpower as a result of numerous higher institutions of higher learning in the state, said investors interested in doing business would benefit from tax waivers, rebate and other incentives that benefit their investments.
In the same vein, the state Commissioner for Transportation, Engr. Gbenga Dairo, said the state government had put in place a multi-modal transportation plan that incorporated road, rail, sea, adding that investors could invest in rail, airport management and the use of technology as an enforcement tool in the transportation sector. Dairo also stressed the need for investors to look into the tourism sector of the state economy as it provides a good opportunity.
His counterpart in the Ministry of Industry, Trade and Investment, Mr. Adebola Sofela, said a lot had been done on land administration to complement State’s investment in security to ensure a conducive business environment for investments. He said a lot had been done to expose the ‘adire’ fabric to the outside world, noting that more could be achieved if modern technology is used in producing the fabrics.
Ogbonnikan writes from Abeokuta, Ogun State capital
