Ogun unfolds new incentives for investors

Category: Nigerian Economy


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Ogun unfolds new incentives for investors

 

March 27, 2012
OGUN State government has unfolded new incentives for prospective investors in the state, under its economic revival agenda.
Besides, the state has reviewed the cumbersome and outdated processes relating to land allocation and has begun the process of clearing the backlog of issuing Certificates of Occupancy, which saw some property owners waiting many years to obtain their land titles.
The Governor, Senator Adekunle Amosun, who revealed the package at Ogun investors’ forum in Abeokuta yesterday, said his administration would work towards ensuring rapid development and growth of the state.
According to Amosun, effective from this month, the state would be giving prospective investors 80 per cent incentive on land use for agricultural investment; 60 per cent for manufacting; 40 per cent for commercial tank farms, real estate and logistics; 75 per cent for community organisation, including religious educational institutions.
He explained that these incentives were structured to supply immediate impetus to the state’s development drive.
“These conditions essentially require that development occurs within 180 days of the issuance of the Final Letter of Allocation. These discounts remain valid until December 2012. We do not want land speculators in Ogun State. We want partners, genuine long term investors. We believe that these incentives will enable us to rapidly demonstrate the exciting investment opportunities our State”.
He stated that one of the key attainments of the government has been the development of the “one stop shop,” which allows prospective investors to have a single point of contact for their dealings with the various ministries, Departments and Agencies of the state. “We have a growing number of satisfied investors who are already benefitting from this service and we remain committed to continuous improvement in this area”.
Amosun said his administration has resolved to create an enabling environment for investors to ensure a continuous industrialisation of the state.
He assured investors of adequate security. “You will equally find us to be hard working and forward looking, we will be creative and inventive in ensuring that we deliver the required support and, in return, we expect a relationship based on a full alignment of interests”.
Amosun disclosed that the state has identified Public-Private Partnership (PPP) as an efficient mechanism for the delivery of infrastructure and essential services.
“PPP combines the best of the public and private sectors with an emphasis on value for money and delivering quality public services. It is clear that no government can provide all the needs of its people and the need to partner with the private sector is inevitable.
“In Ogun State, we are keen to partner with credible and well intentioned investors who will create long term benefits for themselves and for the good people of Ogun State.
“Our processes and structures will be objective, easily understood and completely transparent, providing a framework that protects investors and allows them to reap the reward from their endeavours. We are committed to best practice in PPP and in the forthcoming months, we believe we will set a new standard for Public- Private –Partnership”, he stated.
Source: Guardian
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