Governor Ademola Adeleke of Osun State has called for increased subnational investment focus from the United Kingdom, specifically highlighting the state as a prime destination for investment in Nigeria.
The governor made the appeal on Tuesday during an investment working visit at the House of Commons, hosted by the UK Prime Minister’s Envoy to Nigeria on Trade and Investment, Rt. Hon Florence Eshalomi MP.
The event was attended by representatives from ESG Management Services UK Ltd. and other private sector stakeholders.
Governor Adeleke stressed the need for stronger bilateral ties between Nigeria and the UK, especially given the current global economic uncertainty.
“The uncertainty in the global economy calls for more partnerships between and among members of the Commonwealth of Nations,” he noted, advocating for enhanced economic collaborations at both the national and subnational levels.
Highlighting Osun State’s potential, Governor Adeleke remarked, “Osun presents a rare opportunity for such an economic partnership. With a population of approximately five million, Osun is the heartland of the Yoruba people, and it lies at the core of South West Nigeria, comprising six states.”
He added that Osun offers significant investment opportunities across various sectors including mining, agriculture, digital economy, free trade zones, and the creative economy.
“Osun boasts a well-trained labour force, a peaceful environment, and a favourable investment climate,” Governor Adeleke said.
“Our state is ranked highly for ease of doing business, with processes like Certificate of Occupancy taking just 45 days.
“We’ve eliminated multiple taxation through a unified tax system, and we operate a one-stop shop for investment facilitation. Most importantly, we ensure the protection of investments and investors.”
The governor also highlighted that the state has significantly reduced its infrastructure deficit by over 50 per cent, with plans to reduce it by over 70 per cent by 2025.
In her response, Florence Eshalomi MP expressed her admiration for the progress made by Osun State in attracting foreign direct investment.
She pointed out that the current global challenges present an opportunity for renewed investment, with Osun’s regulatory environment, business-friendly policies, and investor protection mechanisms serving as key drivers for potential UK-based investment.
Eshalomi reaffirmed her mandate from the UK Prime Minister to foster closer investment ties between UK and Nigerian businesses, expressing her satisfaction that the Osun State Chamber of Commerce was well represented at the meeting.
She assured that the UK government would work closely with Osun to ensure positive outcomes from this engagement.
A major highlight of the visit was the signing of a Memorandum of Understanding (MoU) between the Osun State Government and ESG Management Services UK Ltd.
The MoU aims to facilitate the sourcing and management of UK-based investments in sectors such as agriculture, manufacturing, and solid minerals, among others.
ESGMS will also work on positioning Osun State’s public assets to be investment-ready for UK trade and business interests.
The MoU was signed by Teslim Igbalaye, the Secretary to the State Government, on behalf of Osun State, and Francisco Toju Da-Silva for ESG Management Services UK Ltd.
Governor Adeleke was accompanied by several key members of the state government, including the Commissioner for Budget and Economic Planning, Moruf Adeleke; Commissioner for Commerce and Industry, Bunmi Jenyo; Commissioner for Agriculture and Food Security, Tola Faseru; Special Adviser to the Governor on SDG.
Others are Bamikole Omishore; Permanent Secretary of the Ministry of Budget and Economic Planning, Yetunde Esan; Felix Olatunji, Executive Secretary of the Osun State Investment Promotion Agency; and Olawale Rasheed, Vice President of the Osun State Chamber of Commerce and Industry
