| Investment Potential in Oyo State |
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The Oyo State Government has provided a conducive atmosphere for the establishment of Small, Medium and Large Industrial enterprises. Industrial Estates have been created in strategic locations in the State, namely: Ibadan, Oyo, Ogbomoso and Saki. These locations have been provided with necessary infrastructure like electricity, water, access roads, communication network and the plots are available to interested and willing investors. In addition to these Industrial Estates, the State Government has acquired the defunct factory of Nigerian Tobacco Company at Ibadan which is used as a small scale industrial Estate to be managed by both ingenious industrialists and foreign investors. This Infrastructure is located in the heart of Ibadan city and is equipped with functional facilities such as efficient security network, power supply and communication network. Industries like textile, paint, chemicals, food processing, plastic etc., can easily be set up in the location. AGRICULTURAL SECTOR The State is blessed with vast agricultural land mass with soil structure conducive for production of diverse range of arable and tree crops, fruits, vegetable, all classes of livestock as well as fishery, forestry and wild life products. For instance, about 70% of the population is engaged in farming and related activities. The climate has two (2) distinct seasons namely, wet and dry characterized by minimum rainfall of 1,211mm and maximum of 1,262mm, mean temperature of 27 degree centigrade and daily sunshine hours of 4.4 in August to 7 hours in February. As a result of this climatic patter, several million metric tones of cassava and maize are produced annually in the State. Other crops produced in quantum are melon, fruits like mangoes, pineapple, citrus species comprising oranges, tangerine and grape fruits; vegetable especially tomatoes and chillies. The State is blessed with various research institutes like the International Institute for Tropical Agriculture (IITA), Forestry Research Institute of Nigeria (FRIN) and the Cocoa Research Institute of Nigeria which provide hybrid seeds for agriculturists to improve on their output. The State also has twelve (12) Farm Settlements. In addition, large expanse of land has been made available in other ten (10) locations in the State for expansion of agricultural activities. AGRO-ALLIED INDUSTRIES In spite of all these agricultural potentials; the State is still grossly deficient in linkage between agriculture and industry especially in the area of storage, preservation, utilization and value addition to the primary products. Evidence abound that the local markets have capacity to absorb the various industrial end products derivable from the primary agricultural products. In realization of this, Oyo State Government is embarking on re-awakening agricultural sector by emphasizing the establishment of agro-processing industries to serve as consumer markets for the products from the concentration farms being set-up for massive production of cassava, maize, melon and cashew crops for which the State has comparative advantage. The awareness has been created and credit and other facilities are being provided. In order to make the programme sustainable, industries are to be established through private sector initiatives. However, government will be providing all necessary supports that are beyond the reach of private investors. Investors in such areas will be expected to take-over the full management of industries. In order to actualize these dreams, Oyo State will heartily welcome investors in the following agro-allied industries:
RURAL ELECTRIFICATION There are few cable and wire manufacturing companies in Nigeria. Only the Nigerian Wire and Cable Manufacturing Company is located in Ibadan, Oyo State. This company produces Aluminum Conductor low voltage cables and wires for domestic consumption. The factory is presently unable to meet the current demand in Oyo State. There is therefore the need for other plants to compete with the factory and to provide the following:
The basic materials for manufacture of electrical materials are available locally. In addition, investors who wish to venture into generation of electricity are really welcome as there are large rivers like the Osun River, Ogun River. This can be dammed to generate hydro electricity for local use and export even to neighouring West Africa Countries like Benin Republic. SOLAR ENERGY DEVELOPMENT Solar energy use is still at infancy in the country at large. For improvement in energy supply especially in the rural areas, investors in cost effective solar energy devices are welcomed. TRANSPORT FACILITIES Oyo State is well served by intra and inter city road network. There is an Airport in Ibadan of International standard which is yearning for air transport operators. Also proposed for Ibadan is an Inland Port which will provide services for importers of goods in the State. SOLID MINERALS Oyo State is blessed with deposits of solid minerals in different parts of the State. These minerals have been found in commercial and mineable quantities in the following areas of Oyo State:
The State Government welcomes investors willing to exploit these minerals. In addition, the State Government is setting up a lapidary to process the minerals and an International Gem stone market in Ibadan city where miners can easily market their wares. TOURISM POTENTIAL The State Government has various tourism potential which can be developed by interested investors and patronized by foreign visitors to the State. These include the age long Ado-Awaye suspended lake, Captain’s Bower Tower, Are Kurunmi battle field at Ijaye, Royal Forest (Igbo-Oba) in Igboho, Old Oyo National park, Asabari Hill, Saki, Palaces of Alaafin of Oyo and Soun of Ogbomoso, Rock formation in Igbeti, etc. INCENTIVES TO FOREIGN INVESTORS IN OYO STATE The State Government in order to attract both local and foreign investors provides some incentives as follows: Tax holiday: Tax Holiday is usually given to investors who intend to establish core industrial projects that are of priotity to the State Government, such projects include:
The duration of the holiday is negotiable. Repatriation of Profits: Foreign investors can repatriate their profits in accordance with the provision of the Central Bank of Nigeria (CBN) without any inhibition. Health Facilities: the University Teaching Hospital as well as other state owned Health facilities provides adequate health care for all investors. Educational Facilities: Children of Investors will enjoy free and quality education from Primary to secondary or High school level. Land: The State will provide essay access to land through prompt issuance of Certificate of Occupancy (C of O) to genuine Investors. Security: Oyo State is peaceful, politically stable and economically viable. There are well established Banks to provide services to investors.
CONCLUSION: From the foregoing, it can be declared that Oyo State has the right climate for investment in Agricultural Sector, Industry, Commerce, Tourism and Mineral Resources. The State has opened its doors wide to willing investors to come and invest. Interested individuals and organisations may request further information on Investment Opportunities in Oyo State here. |