In 2015, Nigeria attracted a net foreign direct investment of US$3.1 billion. 75% of this FDI came into Ogun State, making Ogun State the investment destination of choice in Nigeria.
In a strategic bid to further improve the flow of Domestic and Foreign Direct Investment (FDI), in 2017 His Excellency, The Governor of Ogun State, Senator Ibikunle Amosun, revived the Office of One-Stop-Shop Investment Centre (OSIC).
According to the CEO of Nigerian Investment Promotion Commission (NIPC), Ms. Yewande Sadiku,
“one-stop-shop investment centres can reduce costs of transactions and simplify the formalities and paperwork that businesses have to comply with. All of these efforts have potential impacts in terms of burden reduction, serving also to other governance values, such as transparency and accountability”.
Prior to the Office of the OSIC, approvals required by investors such as investment licensing, business operating licenses, land title registration, etc, were processed in different authorised government MDAs. This led to unnecessary delays of up to 180 days in some cases, which ended up being a barrier to investment as it stifled the smooth start-up of businesses in the State.
The OSIC model promotes improvements in inter-governmental cooperation and services, bringing together and delivering a streamlined and integrated suite of business start-up services for businesses and investors.
This will consolidate Ogun State’s position as the investment destination of choice for both foreign and domestic investors.