*FG pledges to tackle pressure on foreign exchange
Ogun State Governor Prince Dapo Abiodun has pleaded with the federal government to approve the operation of the Remo Economic Zone as a Free Trade Zone.
The governor, who made the plea when he received the Minister of Industry, Trade and Investment, Dr. Doris Nkiruka Uzoka-Anite and her team in his office at Oke-Mosan, Abeokuta, noted that the approval was needed to enable processing companies that have signed to process their raw materials in the zone commence operations.
He emphasized that the zone would record multiple processing companies willing to sign up to begin work in the zone in the next one year if the approval was given, saying out of the six Special Agro Processing Zone, the State has the highest number.
Abiodun said: “We have impending application for the Remo Economic Zone in your office as a Special Economic Zone that enjoys the status of a Free Trade Zone, and the reason for that is very simple.
“The entire economic zone is being developed in partnership between the state government and the third party, and we have located the airport as one of the enablers of it own. Part of the requirements that we signed with our partner was that this economic zone will be Free Trade Zone.
“It allows all the processing companies all over the world who have already signed to process in that zone to process the raw materials that will be brought from all over the state and the zone. They can export them to other parts of the continent.
“We are aware that when you assumed office, you decided to review the numbers of Free Trade Zones that we have in the country and decide on which ones are truly required, needed, and deserving.
“The problem we have is that our partner in his determination to move that economic zone, has begun to award contracts and because the model we have was that in the process of doing that, certain taxes that you would have to pay if it is not an economic zone and that is hindering the process which is why we are looking at ways solving the problem speedily.”
The governor said his administration has created four economic zones in the last four and a half years, in addition to the existence of Agbara Industrial Zone.
“We realized that it is important to have these Economic Zones around the State so that investors can conveniently choose their part of the State that suits them. We constructed the Epe-Ijebu-ode road, and this road will evacuate goods and people from Lagos to the East through our state.
“We created another economic zone around Kajola because this is where we have the rail line that comes from Ibadan. We will soon launch our Dry Seaport at that particular Economic Zone.
“We also have the one in Yewa through Ota axis. All these economic zones are to ensure that the cargo produce in Ogun State is conveniently processed, and this will generate job opportunities and enhanced value chains,” he added.
While intimating the Minister of efforts to further attract investments to the state, the State helmsman informed that his administration would soon sign a Memorandum of Understanding with its partner to commence the construction of the Deep Seaport at Olokola to complete the circle of economic zones in the State.
The governor thanked the Minister for the visit, noting that it would cement further the relationship with the government at the centre.
Speaking earlier, Dr. Uzoka-Anite applauded the state government for its developmental strides, saying the springing up of industries in the state was a confirmation of the conducive business environment and the availability of necessary infrastructure that attracts investors.
She said as the industrial capital, Ogun State has distinguished itself as a pioneer and leader in developing, expanding and attracting industries with ease, adding that the visit would enable her and her team to rob minds with the officials of state government on how best to be of help to each other.
“The federal government will collaborate with the state government to see how to improve and industrialized not only the State, but the whole country. We are committed to supporting the state in any way we can. Whatever the governor is doing to continue in the industrialisation, we will support him,” the minister added.
PRESSURE ON FOREIGN EXCHANGE
The Federal Government said it is working round the clock in ensuring that the pressure on foreign exchange is tackled.
Minister of Industry,Trade and Investment, Dr. Doris Uzoka-Anite stated this on Tuesday during the commissioning of two new factories and extension of the Tropical General Investment Group (TGI), at the Sagamu Inter-change, Ogun State.
Dr. Uzoka-Anite said that the Federal Government under the leadership of President Bola Ahmed Tinubu would continue to encourage industrialization and mobilize resources where necessary to boost economic recovery.
She added that the present administration would also ensure the removal of road blocks that could hinder businesses to thrive in the country.
“The challenge of unemployment, pressure on foreign exchange and economic diversification is one that President Bola Ahmed Tinubu is determined to tackle conclusively.
“Manufacturing and value chain addition is necessary for the overall development of our country. There is no way around it; the cause of inaction is huge and we cannot afford it,” she said.
In his remarks, Ogun State Governor, Prince Dapo Abiodun noted that the TGI Group is a testament that the state is moving towards the right direction.
Governor Abiodun, who also commended the deep sense of corporate social responsibility of the group, added that when companies engage in corporate social responsibility, the community takes ownership and supports their overall development.
“I want to thank the TGI group because you are a classical example of the success story of Ogun State; you are a reference point industry, a shinning example of foreign direct investment in the country.
“If we had not increase the ranking of the state on the ease of doing business index,you wouldn’t be expanding your business, you are a testament to the fact we are truly working the talk and we are proud to be associated with you,” he said.
Prince Abiodun noted that the state is the most improved economy in the country as well as one of the two most resilient states in the country.
He said that his administration would continue to put in place the needed infrastructure for more companies to thrive in the state, adding that the Agro Cargo Airport being constructed by his administration would soon commence operation.
Earlier in his welcome address, the Executive Director, Food Distribution, TGI, Mr. Roy Deepanjan noted that about 80% of the raw materials used by the company is sourced locally, adding that the company is proud to be associated with the state.
