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?
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
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.
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)
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