Ogun State redefines subnational investment drive
Ogun State has secured commitments from international firms spanning China, Taiwan, Morocco, Tunisia, Qatar, Algeria and Brazil following investment missions led by Governor Dapo Abiodun beginning in late August. Agreements encompass renewable energy infrastructure, digital technology expansion, agro-processing facilities and fertilizer production, with the China National Electric Engineering Company and Inspur Group among entities pledging support for power systems and innovation hubs.
The southwestern Nigerian state recorded over 140 new factory registrations between January and June 2024, representing a 32 percent increase from the previous year, while internally generated revenue climbed from 100.7 billion naira in 2022 to 140.1 billion naira in 2024. Officials attributed fiscal gains to streamlined land acquisition processes through a one-stop center delivering certificates of occupancy within 30 days and subsidized rates for manufacturers.
Infrastructure developments include a proposed 3-megawatt power plant at Gateway International Cargo Airport and expansion plans for the Ogun-Guangdong Free Trade Zone, accommodating electronics and automotive sectors. The Kajola Inland Dry Port project aims to handle 100,000 container units annually upon completion.
