Ogun Signs $400 Million MoU On Olokola FTZ And Agro Processing Zone
The government of Ogun State has signed a $400 million Memorandum of Understanding (MoU) with a foreign firm, Arise Integrated Industrial Platform, to develop the Olokola Free Trade Zone and Remo Agro Processing Zone.
Dapo Abiodun, the state governor, signed the MoU with Gagan Gupta, the founder and CEO of Arise Integrated Industrial Platform, on Friday at the Exco Chamber of the Governor’s Office in Abeokuta. Gupta stated shortly after the signing ceremony that his organization would concentrate on the Olokola Free Trade Zone and the Remo Agro-Processing Zone.
He explained that the $400 million would be used to complete phase one of the projects, and that the investment would increase by July 2023. According to him, his organization would focus on developing infrastructure in the agro-processing sector at the Olokola Free Trade Zone, the Remo Cluster Area, and the Agro Cargo airport.
Gupta also stated that the group’s intention was to begin work on the industrial zone by the first of July this year, and that the group would also focus more on the upstream sector.
The founder of the Arise Integrated Industrial Platform added that his company would bring equity to the floor by leaving 35% open for national players and the state, saying, “we would be glad to have Ogun State as a partner.” Our ethical moral is that we will have 65% equity and leave 35% open for national players, including Ogun State.
We want the state to be our partner, and the state will take some equity, as will the national players.” Gupta praised the level of information made available to his team by the state government when assessing the zones to be invested in. In his remarks, Abiodun commended the company for selecting Ogun and noted that the project would not only create job opportunities, but would also serve as a training hub, as the company would establish a technical training center to train artisans for the project’s sustainability.
“We are pleased to have found an afrocentric partner who understands the sub-region and all of the issues that affect the people and is willing to spend more than $400 million,” he said. “We are delighted that you have arrived in Ogun State.”
I am pleased that you are establishing two Economic Zones, one in Olokola to deal with mobility and automobiles and the other, the Remo Cluster, to deal with agro-processing. We will be there for you and will leave no stone unturned. We will give you our undivided attention. More investors will come to our state as a result of the infrastructure you will bring.”
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