Real Sector

Will Ogun continue industrial strides in 2018?

by ODINAKA ANUDU

January 1, 2018 | 12:45 am
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This year, 2018, is a pre-election year. The attention of most Nigerians leaders often shifts to re-election or succession.

Ogun State governor Ibikunle Amosun is already in his second term and cannot seek re-election. But Amosun, like other politicians, may be interested in having a successor.

To what extent will this affect the state’s industrial stride?

Data by the Manufacturers Association of Nigeria (MAN), analysed by BusinessDay, show that Ogun State has over 70 percent share of manufacturing investments in the country between 2014 and 2016.

In 2014, manufacturers invested N691.77 billion, out of which N514.87 billion went to Ogun State, representing 74.42 percent of the total.

Out of the N180.12 billion invested in the manufacturing and agro-allied industries in Nigeria in the first six months of 2015, N128.3 billion went to Ogun, representing 71.23 percent.

Similarly, manufacturing investments worth N309.33 billion were made in H2 of 2015, out of which N302.26 billion went to Ogun, representing 97.7 percent of the total.

In the first half of 2016, total investments estimated at N54.55 billion were made by manufacturers in the country, out of which N37.51 billion moved to Ogun within the period. This means that 69 percent of all investments within H1 of 2016 were channelled to Ogun State.

In the second half of 2016, MAN survey shows that N313.62 billion worth of investments were directed to Ogun out of the total N448.94 billion. This represents 70 percent of the total.

Analysts want this stride to continue as Nigeria seeks industrial revolution. They urge a continuation tax and land rebates to attract more investors in 2018.

 

ODINAKA ANUDU


by ODINAKA ANUDU

January 1, 2018 | 12:45 am
  |     |     |   Start Conversation

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