Osun state has been ranked as one of the most viable capital investment destinations in Nigeria, according to the latest report from the Nigerian Bureau of Statistics.
The report, which was published in March 2022, assessed Nigeria’s capital importation, which was further disaggregated into capital imported into the production sector and destination of investments, among other indices.
According to the National Bureau of Statistics, 24 states in Nigeria attracted zero foreign investments in 2021 as the value of capital importation into Nigeria fell by 30.78% to $6.7B in 2021 from $9.68B in 2020.
The report affirmatively notes that among these 24 states, 10 have failed to attract any foreign investments in the last 3 years.
However, Osun has made the list of top 5 states in Nigeria who have been able to attract foreign investments into their states despite the rarity of interests by foreign investors.
According to the National Bureau of Statistics, Osun attracted a total of $29.9 million into the state in 2021, emerging third in the country only behind Lagos, Nigeria’s commercial hub, and Abuja, the nation’s capital.
Recall that the Governor Adegboyega Oyetola’s administration set up the Osun Investment Promotion Agency in November 2019 with a mandate to facilitate investor interest and promote the inherent investment opportunities within Osun in addition to managing and executing the requirements for promoting an Enabling Business Environment for businesses to thrive.
OSIPA has since its creation shared a seamless relationship with the Nigerian Investment Promotion Commission(NIPC) and the Presidential Enabling Business Environment Council (PEBEC) which has brightened and improved the prospect investment attraction and Ease of Doing Business in the state as evidenced by Osun’s upward movement from the 26th position to the 15th position in the Enabling Business Environment ranking among all 36 states and the FCT in April 2021.
Today, Osun is one of the States in Nigeria operating the EoDB One-Stop Shop effectively to remove the bureaucratic hurdles often encountered when registering and setting up a new business.
Speaking on this development, the Chief Executive Officer, Osun Investment Promotions Agency who also doubles as Special Adviser to the Governor, Mr. Femi Adeniran, while expressing gratitude to the leadership team of the Osun State Government for their support, reiterated the vision of Governor Oyetola towards ensuring Osun takes its pride of place as a desired Investment Destination in Nigeria.
Reacting to the report, the Commissioner for Information and Civic Orientation, Mrs Funke Egbemode described the report as an indication of the all-round socio-economic improvement in the state in recent years.
According to her: “This report testifies to the significant progress Osun, the erstwhile civil service-oriented economy, has made in recent years and under the leadership of Governor Adegboyega Oyetola.
“As at 2019, statistics showed that Osun was one of 26 states that received no foreign capital inflows the entire year. But that became history the moment Governor Adegboyega Oyetola overcame the legal distractions by the opposition, settled into office, and sounded the alarm to the world that Osun is open for business.
“Part of the fruits of the Osun Economic and Investment Summit of November 2019 is what the Nigerian Bureau of Statistics has published for the glare of the world.
“As ever, Osun remains open for business. There is availability of vast expanse of land suited for all kinds for agriculture. There is abundant materials and mineral resources of various classes. We have recorded outstanding improvement in infrastructure in the last three years, and our security architecture puts Osun as the most peaceful state in the country.
“Importantly, the state is blessed with a leader with foresight, one who is committed to situating Osun in the league of economically vibrant and prosperous states in Nigeria”, the statement read.