13 March 2014

Nigeria: Oyo Offers Foreign Investors Incentives

Lagos — The Oyo State Government says it is willing to grant over 100 percent tax incentives for a period of seven years to foreign investors willing to do business in the state.

The government said areas where the incentive applies includes agro-business, food processing and manufacturing through mechanized and large-scale farming and local assembling of farming equipment.

The state said it was also willing to assist prospective investor through timely issuance of relevant land title documents, and provision of support infrastructure such as access roads.

Governor, Abiola Ajimobi, was quoted to have made these gestures at the Draper's Hall in London during the Agriculture Session of the Diaspora Investment Symposium entitled “Investing in Nigeria.”

Deputy British High Commissioner to Nigeria, Peter Carter organized the event.

Ajimobi said that the expected socio-economic impact of investment would be employment generation, wealth for investors, sufficient food production and reduction of importation of locally manufactured goods.

He urged United Kingdom firms to exploit the peaceful nature of the state, its renewed infrastructure and readiness to pamper investors as reasons to make the state a preferred destination in Nigeria.

The governor noted that the state government was participating in the symposium with the aim of initiating a partnership and strong working relationship with investors who are looking for opportunities in Nigeria and to share the significant economic opportunities that abound in the state.

He painted a positive economic profile and comparative advantage of Oyo State.

“Oyo State has a land area of 27 107.5 km2 which is slightly bigger than Wales'. It has an approximate working population of 4.3million with a vibrant labour workforce, a population of approximately 7.5 million, which is the second biggest in South West Nigeria and a per capital GSP of $276, about five world-class research institutes and is located in a strategic business hub that links the whole of the southwest to the North,” he told the audience. - CAJ News

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