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Lagos loses investors to Ogun

09 February 2016, 21:30

Lagos - Lagos is beginning to lose most its investors to neighbouring state, Ogun following the increase in incentives offered by the state.

 The Manufacturers Association of Nigeria (MAN) in its latest economic review (2015) said the production value recorded by the Ogun Industrial Zone accounted for 69 percent of total production for all zones, thus re-confirming Ogun as the industrial hub of the nation.

According to findings, investors get rebates on land, good road network and better security of plants, machinery and assets in industrial zones in Ogun State. Certain types of taxes paid by these investors in Lagos are also accepted by Ogun State, thus preventing them from paying multiple levies in two states.

Ogun also has a one-stop-shop platform, where investors are given access to understudy available natural and mineral deposits, as well as agricultural potential of the state. Many manufacturers also say there is less harassment from touts in Ogun. Also, there is less traffic gridlock in Ogun and cheaper and more available accommodation for staff in the state.

Also read: "Buhari comments scaring investors away"

In the last two to three years, more investments have moved to Agbara, Igbesa, Abeokuta, Sango-Otta, Ibafo, Mowe, Ijebu-Ode and Sagamu industrial clusters, all in Ogun State, at the expense of Ikeja and Apapa zones in Lagos which used to be the hubs of investors.

In terms of output, Ogun turned out N265.27 billion in output in half year 2015 as against Lagos’ N88.6 billion. Similarly, Ogun produced goods worth N306.58 billion in the whole of 2014, while Lagos churned out output worth N274.41 billion within the period.

Some of the new investors which berthed Ogun in 2014 were Shongai Technologies Limited, Ijako in Sango-Otta, Apples and Pears Limited, Ceplas Farms Limited, Greenlife Bliss Healthcare Limited, Sumo Steel Limited, among others.

Source: Businessday

- News 24


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