News

148 firms invest between $200m and $2bn in Ogun

by RAZAQ AYINLA, Abeokuta

March 13, 2018 | 7:51 pm
  |     |     |   Start Conversation
Governor Ibikunle Amosun of Ogun state (2nd left) unveiling the theme of 2018 Ogun State Investors' Forum - "Consolidating the Gains, Accelerating Growth" in Abeokuta on Tuesday. While Taiwo Olaoluwa, Secretary to the State Government (left); Adenrele Adeshina and Bimbo Ashiru, Commissioners for Commerce and Industry, Budget and Planning watch. Pic by Razaq Ayinla

Governor Ibikunle Amosun of Ogun state has disclosed that a total of 304 firms have either established new plants or expanded the existing ones in the last seven years in the state as 148 of such firms have each invested between $200 million and $2 billion, while remaining 156 have invested between $50 million and $200 million.

The governor added that over 50 high networth individuals in terms of personal income tax are now remitting their taxes which are in excess of N10 million each to the State government as against the two persons wrongly quoted by Federal Inland Revenue Services (FIRS), saying government intends to cover more high networth individuals in the coming years as N10 billion internally generated revenue is being targeted monthly.

Speaking in Abeokuta on Tuesday at the Press Conference heralding 2018 Ogun State Investors’ Forum – “Consolidating the Grains, Accelerating Growth”, Governor Amosun said he had embarked on giant strides in industrialising Ogun state through provision of an enabling environment for businesses to thrive and the efforts are yielding fruitful results as many companies as well as foreign direct investments trooping in.

According to him, Ibikunke Amosun-led administration and 2018 Investors’ Forum that starts next week Tuesday, predicates on economic growth and development, sparing three key areas agriculture, industry and technology that drive the consolidation of the gains and acceleration of desired growth, adding that his administration had been able to change economic narratives of the state from core civil service state to an economically buoyant state.

“In the manufacturing sector in Nigeria, we have diversified the economy for us to grow in Ogun state. The first thing, we have demonstrated thus with the investors and entrepreneurs. We have created an enabling environment for businesses to thrive.

“So, about 148 Companies have established shops and invested between 200 million dollars and 2 billion dollars in the last two years. Everyday, new investors come to us in a bid to establish their businesses here in Ogun State. But we want to take development and growth in Ogun state beyond the industrial hub of the country.

“When we came on board, we came with five cardinal programmes and thank God today, Ogun state is out of the doldrums. Things are now taking shapes. In the comity of states, in terms of IGR, Ogun State is second in position. Initially, upon assumption of office in 2011, we were generating N730 million as IGR monthly but now, we are knocking N7 billion monthly. We have the potentials. We have large expanse of land. With agriculture, we want to leverage on value chains.

“Our aim is to consolidate all gains and to accelerate growth. We want to concentrate on what we have achieved. We want to exploit specific growth. We will collaborate with investors and entrepreneurs. In totality, we are looking at human endeavours. Of all these giant strides, we are proud of these developments in Ogun state”, Governor Amosun said.

Earlier Bimbo Ashiru, Commissioner for Commerce and Industry declared that the World Bank Reports on Ease of Doing Business as well as Manufacturers Association of Nigeria surveys showed that 75% of foreign direct investments that came to the country between 2016 and 2017 were domiciled in the state.

He added that investments which were made in terms of security, infrastructure and other economic variables needed for economic growth and development were provided, and that helped drive the State economy to the current lofty height and more investments would also be made to consolidate gains already recorded and accelerate further economic growth and development.

 

RAZAQ AYINLA, Abeokuta

Tags:

by RAZAQ AYINLA, Abeokuta

March 13, 2018 | 7:51 pm
12893  |   93   |   0  |   Start Conversation

Big Read |  

Analysis
Does Conoil need a makeover?

Does Conoil need a makeover?

One of Nigeria’s oldest company, Conoil Plc is looking like a company in need of a game changer as its...



MTN Felele

Banking App