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Ogun State has the fastest growing economy in Nigeria and one of the fastest in West Africa. What is causing the high influx of investors into the state? 

Labour

Ogun State’s labour costs are one of the most competitive in Nigeria, in the region and globally. The daily minimum wage of $3.00 is one of the lowest in the region and this serves as an advantage over Lagos. Labour force of 32,129 offers a huge opportunity

Access to market

Ogun State, as the closest to Lagos State, is benefitting immensely from its proximity and is growing exponentially as an investment hub. Ogun State offers ready access to 181 million consumers in the Nigerian market, the third largest English-speaking population in the world

Infrastructure

Ogun State has a well-developed physical and telecommunications infrastructure, including an extensive network of trunk roads and easy access to ports and airports

Harmonization of Taxes & Levies

Ogun State Government has harmonized taxes and levies in order to avoid multiple taxation.

Incentives

Government offers a comprehensive package of incentives to promote foreign direct investment which include construction and maintenance of road infrastructure, 6 months to a year moratorium period (as long as two company directors have paid tax in other Nigerian states)

One-stop Shop

Ogun State One Stop Shop investment centre was established to facilitate investment, streamline and simplify business set-up processes such as granting of permits, taxation issues, access to factory space, and any other requirements of investors, so as to cut on the time and costs associated with doing business in the State

Fast-growing, Dynamic and Well-educated

WORKFORCE

32,129

STATE WORKFORCE

71.3%

UNDER 40

61.9%

HIGH SCHOOL GRADUATES

25.2%

UNIVERSITY GRADUATES

220,000

EMPLOYED IN MANUFACTURING

410,000

EMPLOYED IN AGRIBUSINESS

30,000

EMPLOYED IN ICT/FINANCIAL SERVICES

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