....as OgunInvest moves to attract more investments

Driven by the mission to boost Micro, Small and Medium-scale Enterprises (MSMEs) growth in Ogun State, Governor Dapo Abiodun has put up a three-pronged approach to improve on ease of doing business, creating access to finance, simplifying land acquisition and registration of business premises and improving on necessary infrastructure within the State. 

Speaking during a panel discussion at a two-day SMEs Development Workshop and Stakeholders' Engagement Programme organised by African Export-Import (Afreximbank) in partnership with Woodhall Capital in Lagos, Sola Arobieke, the Special Adviser to Governor on Investment, highlighted transformative impacts of reforms undertaken by Dapo Abiodun-led Government to stimulate the economy of the State. 

Arobieke, who doubles as the Deputy Director-General of Ogun State Investment Promotion and Facilitation Agency (OgunInvest), declared  that three-pronged approach of Government on MSMEs had really boosted the economy and helped the commerce, especially among the operators of Micro, Small and Medium-scale Enterprises (MSMEs) in the State which aligns with Afreximbank template on MSMEs growth.

The Deputy Director-General of OgunInvest said that streamlined regulations, improved access to finance and enhanced infrastructure had empowered local entrepreneurs and driven economic growth, saying OgunInvest is structured to provide One-Stop Investment Services (OSIS) and guidance on accessing tax incentives at both the Federal and State levels. 

Arobieke explained the State Government had also introduced initiatives such as revenue harmonization and tax reforms to further streamline operations of MSMEs, adding that with the policies of Government on tax reforms, Pay-As-You-Earn (PAYE) and other taxes can now be conveniently paid online. 

Highlighting OgunInvest's role in fostering a conducive business environment, the Special Adviser to the Governor said that OgunInvest serves as a centralised hub for businesses entering the State as she said, "Our aim is to simplify the entrepreneurial process by providing streamlined access to land, permits, and essential Government services.

"The periodic CEO’s Breakfast Meeting with the Governor is designed to facilitate direct feedback and dialogue with stakeholders and investors. These meetings provide an open forum for business leaders to share insights and challenges, enabling the Government to address concerns effectively, adapt its policies as needed, and continue its engagement with manufacturers across the State."

"The Ogun State Business Environment Council (OGBEC) in harmonising regulations across State and Local Government levels. OGBEC serves as a central authority, ensuring that there are no conflicting rules that burden Ogun State's SMEs. 

"Regular reviews of existing regulations also help in making informed recommendations that foster a more business-friendly landscape, ultimately empowering local entrepreneurs and driving economic development.

"There is State Government’s Business Premises Portal, which reduces registration time. In addition, the period needed to obtain a construction permit has been cut from 51 days to 7 days for residential applications and 14 days for commercial ones."

Kanayo Awani, Executive Vice-President of Afreximbank’s Intra-African Trade and Export Development Division, highlighted the bank’s dedication to fostering SMEs growth through more than just financing. 

She acknowledged Afreximbank’s role in strengthening SMEs to produce competitive, export-grade products that meet global standards, thereby unlocking new trade opportunities and positioning local businesses for international expansion.

Mojisola Hunponu-Wusu, founder of Woodhall Capital, highlighted that supporting SMEs in reaching their full potentials is vital for building a prosperous Africa. 

Hunponu-Wusu explained that helping those enterprises grow their capacity to produce high-value, export-ready products would not only open international markets for them but also transform SMEs into key players in the global trade economy. However, limited access to these markets and the current lack of value-added production capabilities are preventing SMEs from maximising the benefits of trade opportunities.   

But, Oluranti Doherty, Managing Director of Export Development, Afreximbank, emphasised the importance of boosting SMEs participation in export value chains, highlighting that such a focus is part of Afreximbank’s commitment to supporting the export development of SMEs.