By Gbemi Daniel from Lagos
The news of Dangote Refinery, a multibillion-dollar investment project, moving from Ogun State to Lagos State will always be remembered as a significant blow to the economy of Ogun State. The refinery had been initially planned to be situated in the Olokola Free Trade Zone in Ogun State, this was one of the master plans for industrialization and economic development of the state that was initiated by former Governor Otunba Gbenga Daniel.
Ogun State is strategically located in southwestern Nigeria, adjoining Lagos State, the economic hub of the country. The state has a large population of industrious people who are predominantly engaged in agriculture, trade, and commerce. However, when OGD came on board, he turned around the fortunes by making concerted efforts to attract foreign and local investors to develop the state's industrial sector, create jobs and boost the state's economy. The development of the Olokola Free Trade Zone was one of such efforts.
The Olokola Free Trade Zone was conceived as a world-class industrial park with world-class infrastructure such as a deep seaport, power plant, and a petrochemical complex. The idea was to create a conducive environment for high-tech companies to set up their manufacturing plants in Ogun State and bring in much-needed investment opportunities and jobs for the people of the state. The construction of the Deep Seaport, which was supposed to serve as the gateway for the Olokola Free Trade Zone, started in 2009, but it has remained largely incomplete, with no visible progress after OGD's tenure.
The Dangote Refinery was expected to be the anchor industry in the Olokola Free Trade Zone. Still, unfortunately, the project ran into various challenges, ranging from land disputes to environmental concerns, which resulted in significant delays in the project's execution. Eventually, all attempts by the past and current governments in Ogun State to attract the investment failed, one of the outcomes was Dangote Group's decision to relocate its refinery project to Lekki, Lagos State.
This decision by Dangote Group to move the multibillion-dollar investment project to Lagos State is a significant economic loss for Ogun State, the relocation means the state has missed out on significant investment opportunities, employment opportunities, and tax revenues that would have resulted from the refinery's operations.
Indeed, posterity will judge the governments and agencies responsible for the failure of the Dangote Refinery project in Ogun State. The state government must take proper steps to ensure that a similar fate does not befall future investments in the state. They must address the issues and challenges that led to the failure of the Dangote project in Ogun State and create an enabling environment for foreign and local investors to come and set up their businesses in the state. Only then can the state realize its full potential as one of the prime economic hubs in Nigeria.
No comments:
Post a Comment