Ogun highlights investment opportunities to attract foreign direct investment from South Africa and others

…as the South Africa-Nigeria Business Chamber vows to spearhead the investment campaign

The South Africa-Nigeria Business Chamber has highlighted the many investment opportunities in the state coupled with the economic incentives offered to existing and potential investors. In light of this, the South Africa-Nigeria Chamber of Commerce has pledged to spearhead an aggressive investment campaign for Ogun State. The funding of a series of investments is set to boost economic growth and development in the state.

This assurance was made against the backdrop of a webinar on investment organised over the weekend by the Ogun State Investment Promotion and Facilitation Agency (OgunInvest) in collaboration with the South Africa-Nigeria Business Chamber.

Speaking on the competitive advantages Ogun State has over other states in the country, Dapo Okubadejo, Chief Economist and Commissioner for Finance, noted the state’s extensive infrastructural development, with emphasis on roads, aviation, transportation, housing and security, coupled with seamless land acquisition, applications for title deeds and more.

Okubadejo, who spoke in the company of Adebola Sofela, Commissioner for Industry, Trade and Investment, and Gbenga Dairo, Commissioner for Transport, stated that business facilitation processes in the state have also been streamlined as part of government’s efforts to maintain Ogun State’s position as the country’s industrial and investment hub.

Okubadejo referred to the rich deposits of solid minerals as another comparative advantage that Ogun State has over other states. He also said that the main objective of the webinar was to promote investments in various key sectors that are essential to the economic growth of the state such as agriculture, manufacturing, energy, transportation, housing and the digital economy. He stressed the unique opportunities that businesses have to take advantage of locating in free trade zones, which significantly increases their growth potential and success.

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The Chief Economic Adviser said OgunInvest serves as a one-stop shop for the smooth establishment and operation of businesses. He added that the state’s proximity to Lagos adds to the attractiveness of the state and offers significant logistical advantages as the state boasts of an airport for both agriculture and cargo, alternative energy solutions such as natural gas (CNG), electric vehicles, a proposed rail network, connectivity to the country’s commercial nerve centre, Lagos, among other economic incentives.

Okubadejo however noted that the administration of Governor Dapo Abiodun is committed to focused, quality governance and creating an enabling environment for public-private partnerships, which are critical to sustainable economic development and individual prosperity in the state. This is with emphasis on the state’s competitive labour cost and skilled workforce, which contribute to the state’s leadership position in Internally Generated Revenue (IGR) growth as reported by BudgIT in its State of the State 2023 report.

Diana Games, Chief Executive Officer (CEO) of the South African-Nigeria Business Chamber, responded by saying that the Chamber is ready to partner with Ogun State in various sectors of the economy, particularly with a view to potential investments in agriculture, digital economy, agribusiness and solid minerals. She highlighted the state’s strategic positioning and manpower as key assets for potential investors.

The Games pledged that the South Africa-Nigeria Business Chamber will work to aggressively encourage Foreign Direct Investment (FDI) through investment financing designed to stimulate economic growth and development, thereby maintaining Ogun State’s position as a major investment destination in the country.

“The wealth of opportunities in Ogun State is extraordinary. We are committed to supporting the development ambitions of the state, particularly in terms of financing investments that will drive economic growth and position Ogun State as a premier investment destination,” Games added.