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Amosun Opens Up Ogun State for Investment: 80% Off Land for Agriculture, other Incentives

By on March 27, 2012

The Ogun state governor, Ibikunle Amosun, seems positioned to upstage his colleagues and perhaps even the Federal Government with the kind of policies he is formulating in Abeokuta.

At the inaugural edition of the Ogun State Investor’s Forum, the governor came out swinging for development in his state, offering perhaps the best incentives any government on any level in Nigeria has ever offered the private sector.

Land in Ogun State to be developed for agricultural purposes is now 80% off the market price. Also land to be developed for manufacturing, housing estates and schools also attract discounts of 40% to 75% from the Federal Government.

These are the kinds of incentives that will get investors up and running and serve as a catalyst for economic growth in Ogun State.

However to ensure speculators do not get involved in the mix, the government is implementing measures to checkmate their activities.

According to Amosun, “These conditions essentially require that development occurs within 180 days (six months) of the issuance of the Final Letter of Allocation.

“I must add that 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 in our state.”

Amosun is capitalizing on the comparative advantage Ogun state has in terms of agriculture and proximity to Lagos in order to whet investor’s appetite.

The State is also boosting infrastructure and security. Recently the governor launched the Ogun State Security Trust Fund and the private sector has stepped up with contributions with Ecobank donating N 75 million amongst other organizations.