Govt rallies UK on investment promotion, manufacturing in Ogun

The Ogun State Government, through the State Investment Promotion and Facilitation Agency (Oguninvest), will be collaborating with the Manufacturing Africa programme, an initiative of the UK Government.

The collaboration with the UK Government and Hinckley E-Waste Recycling Limited will be done through UK Foreign, Commonwealth and Development Office (FCDO) at the British High Commission meant to influence a vibrant and virile manufacturing sector in the State.

Consequently, there will be an interactive session with the media aimed at showcasing the partnership to enhance the manufacturing sector and boost investor confidence in Ogun State as a leading industrial hub in the West Africa corridor.

Sola Arobieke, Special Adviser/Deputy Director-General of OgunInvest, made this known in a statement on Tuesday, saying Manufacturing Africa Programme plays a crucial role in supporting industrial development and innovation across Africa, while the FCDO is committed to advancing manufacturing capabilities and promoting sustainable practices.

She added that the proposed collaboration would leverage the FCDO’s expertise in market studies and corporate finance support to foster a robust manufacturing ecosystem in Ogun State and Nigeria at large.

According to her, Manufacturing Africa Programme’s involvement in this initiative underscores its dedication to enhancing Africa’s industrial sector, creating high-quality jobs, and driving technological advancements.

Also, she described Hinckley E-Waste Recycling Ltd as a pioneering leader in electronic waste management, noting that the company specializes in the safe and efficient recycling of electronic waste, employing advanced technologies and sustainable practices to manage e-waste responsibly. She added that their innovative approach not only supports environmental conservation but also promotes best practices in electronic waste management across Nigeria.

“Hinckley Recycling became the first government-approved E-Waste recycler in Nigeria in 2016. The company is now expanding its operations to Ogun State with a groundbreaking project to establish the first lithium-ion and lead-acid battery recycling and treatment plant in Africa. This $5 million investment in the first year will utilize patented recycling technology and create 100 direct jobs. The project is supported by a market study and corporate finance assistance from Manufacturing Africa.”

“On our own, the Ogun State Investment Promotion and Facilitation Agency (OgunInvest) is led by His Excellency Prince Dapo Abiodun CON as its Chairman. The agency’s vision is to firmly establish Ogun State as the industrial and logistics hub of Nigeria and the preferred investment destination in the region. Its mission is to create an investor-friendly environment that attracts and retains both domestic and international investments, thereby fostering economic growth.

“In line with our mandate to attract and facilitate new investments into Ogun State, OgunInvest is dedicated to enhancing the state’s economic growth and promoting it as the premier investment destination in Nigeria. The agency provides comprehensive support services to investors, offering a one-stop solution for investment facilitation. This includes assisting with initial inquiries, providing detailed information on investment opportunities, guiding investors through regulatory requirements, and offering aftercare services to ensure successful investment operations,” the statement read.

Arobieke, therefore, listed the benefits of the partnership to include:

1. Economic Growth and Job Creation – Ogun State will benefit from foreign direct investment through FCDO’s Manufacturing Africa initiative, with the creation of 90,000 jobs over seven years in Africa. The partnership with Hinckley will also directly result in the creation of 100 jobs through the establishment of the first lithium-ion and lead-acid battery recycling facility in Africa.

2. Technological and Knowledge Transfer – Ogun State’s industrial ecosystem will be elevated by access to UK-patented battery recycling technology developed by Solveteq in collaboration with Imperial College London. This will establish the state as a technological leader in battery recycling across Africa.

3. Environmental and Health Protection – By promoting sustainable e-waste recycling, Ogun State will mitigate environmental pollution and safeguard public health, particularly by preventing lead poisoning and child labour related to unsafe recycling practices.

4. Strengthening Investor Confidence – The partnership showcases Ogun State as an investor-friendly region, solidifying its position as the preferred destination for industrial investments in Nigeria, among others.

Meanwhile, the joint press conference has been slated for Wednesday, September 18th, 2024, at the Olusegun Osoba Press Centre, State Secretariat, Oke-Mosan, Abeokuta, by 4 p.m., featuring Dapo Okubadejo, the Chief Economic Adviser and Finance Commissioner of Ogun State; Richard Montgomery CMG, British High Commissioner to Nigeria and UK Permanent Representative to the Economic Community of West African States (ECOWAS), among others.