The daunting task of building investor confidence and attracting more to Ogun State which is now largest investment hub in the country has started to gain serious momentum as Governor Dapo Abiodun begins series of meetings with existing and prospective investors and entrepreneurs as part of efforts to expand investment base in the state.
The move to industrialise Ogun State can be traced to 2003- 2011 administration of Governor Gbenga Daniel who gave a tax holiday and land incentives for new investors which opened up Flowergate Industrial Estate at Sagamu interchange that hosts the largest Nestlé Plant in West Africa and Ogun Guangdong Free Trade Zone at Igbesa where the Chinese investors have clusters of manufacturing industries.
Governor Daniel’s effort was cemented by immediate past Governor Ibikunle Amosun, who gave as much as 40percent rebate on industrial land acquisition and improved on existing infrastructure such as roads, bridges, among others, as well as launching the first ever security trust fund for which resources were deployed to combat crimes and criminality.
Ogun now welcomes Governor Abiodun with a renewed focus on ISEYA, the state acronym which literally means, ‘It Is Time to Work’. ISEYA stands for development pillars which cover Infrastructure, Social Welfare and Well being, Education, Youth Empowerment and Agriculture.
According to Dapo Okubadejo, chief economic adviser to Governor Abiodun, ISEYA is a pillar that defines government policy as regards good governance and virile economy for which socio-economic enablers such as governance, security, digital transformation, enabling business environment, road, financial engineering will be created and nourished.
Little wonder that Governor Abiodun began his administration with a parley with investors and business executives barely three months after inauguration of his government where a huge number of investors and entrepreneurs dialogued with him.
Those at the meeting were under the auspices of the organised private sector such as the Manufacturers Association of Nigeria (MAN), the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Nigerian Association of Small Scale Industrialists (NASSI), Nigerian Association of Small and Medium Enterprises (NASME), among others.
Speaking at the Governor’s Parley with the investors and entrepreneurs held in Abeokuta, the state capital last week, Paul Gbadebo, group managing director, Flour Mills Nigeria PLC, said that the parley was apt and timely as the investors would bare their minds on what Governor Dapo Abiodun is expected to do as part of effort to improve economic status of the state.
Gbadebo declared that no development would be achieved if issues as regards infrastructure such as roads, energy, security and other enablers were not ironed out, saying Ogun State stands a chance to drive African Continental Free Trade Agreement (AfCFTA) considering its proximity to either Seme Border or Idi-Iroko Border of Republic of Benin and Nigeria.
But, he expressed dissatisfaction over bad condition Atan-Ota/Igbesa/Agbara road which links Badagry Expressway to Mile 2, Apapa Seaport at one end, Seme Border at another end, as well as Ota, Abeokuta at the final end, saying that immediate reconstruction of the road is urgently needed as that will show seriousness of new government to economic drive.
Joseph Makoju, group managing director of Dangote Cement PLC, noted that multiple taxation and true one-stop-shop where complaints and enquiries of investors and entrepreneurs would be speedily addressed are key to ease of doing business, asking Governor Dapo Abiodun to create an enabling business atmosphere through immediate opening of one-stop-shop preferably at one of the state industrial hubs.
Michael Onafowokan, executive director of Coleman Wires and Cables, suggested that government needs human capital development to be able to achieve lots of economic goals set at the initial stage, saying that employment generation and training and retraining of state workforce are instrumental to the sustenance of economic tempo created by the past governments in the state.
Demola Sogunle, chief executive officer of Stanbic IBTC Bank, who spoke on behalf of financial institutions, lauded Governor Dapo Abiodun’s governance and economic policies which are set to address challenges affecting investment across, but pledged to offer him credit facilities to support the Micro, Small and Medium-scale Enterprises (MSMEs) as well as agriculture.
Sogunle said apart from Central Bank of Nigeria Anchor Borrowers Scheme on Agriculture, the Bankers’ Committee can create credits out of about N90 billion dedicated for MSMEs and Agriculture, adding that it is high time government at state level partnered the financial institutions through Bankers’ Committee to unlock potentials offered by MSMEs and Agriculture.
Speaking on proposed energy and electricity board to address epileptic power supplies to manufacturing plants, a leading operator of independent power plant in the state – Viathan Engineering, that operates Lisabi Power Plant and Compressed Natural Gas Plant under its sister company – Gasco Marine Limited at Onijanganjangan area of Abeokuta on Lagos-Abeokuta Expressway, offered to establish partnership with Ogun State government on power supply to needed areas.
Speaking with BDSUNDAY through Habeeb Alebiosu, its chief executive officer, Viathan Engineering which operates six power plants in Ogun and Lagos States, said, “For us, we have made our intention very clear from the onset, and before any invitation, we have come to establish 7MW Power Plant already operational.
“We have pretty much floated a gas company already here in Abeokuta. The beauty of what we have established is that they are scalable and expandable. Lisabi Power Plant can go as far as we want, demand is the limit. For demand of 100MW, 200MW, name it, we have the capability.
“And, the way we see it, we are not here to displace the DisCos, we are to complement them, we will partner with them. For us, we think that, for the sector to become what Nigerians hope, we need to build an ecosystem of different players; the gas, the distribution, infrastructure and technical know-how to build the entire value chain. We are ready to make those investments.”
Responding to promises made by his guests on their willingness to partner the state government, Governor Abiodun declared that his administration had resolved to work around the enablers and investment promotion mechanism, noting that the state would create investment promotion agency that offers a one-stop-shop solution and services for all existing and prospective investors in the state with a view to resolving all issues and challenges that affect production, processing and sale of finished goods as well as economy generally.
He ordered the relocation of business enquiry and complaint desk as well as headquarters of proposed Ogun State Investment Promotion Agency to the largest industrial hub in the state – the Agbara Industrial Estate for easier access by entrepreneurs and investors to government, adding that: “Ogun State Investment Promotion Agency will be located within OPIC in Agbara, that will save you the stress of coming down to Abeokuta.
“We are also establishing Ogun State Energy and Electricity Board which will do energy audit and ascertain where and how energy will be distributed. We are looking at possible partnership with the independent power plants. There must be a public private sector partnership in that regard if we must achieve tangible energy supplies for our manufacturing industries, public utilities and residential areas.”
RAZAQ AYINLA
