Investment Summit: Osun's window to shared prosperity

By Sarafa Ibrahim

In his book, “The Man Who Changed China”, Robert Lawrence Kuhn, provided a rare insight into how bold ideas are capable of powering sustainable development and prosperity for any society. Kuhn chronicles how Deng Xiaoping, the man famed for birthing a modern China, inspired the “great guidelines” that propelled the unprecedented development and economic transformation, which astounded the world, by simply opening to the outside world.

For far too long, Osun is perceived as a civil servant state. This is, however, not the truth about Osun, but there has been no conscious effort to change the narrative by tapping on the abundant potential of the state. But this is about to change with the 4-day Investment Summit put in place by the Governor Ademola Adeleke’s administration to open a vistas of new opportunities for the state.

Themed “Connecting Progress With Purpose”, the investment summit is a window for the outside world to have a true feel of the opportunities that abound in Osun and broker strategic partnerships that will ensure shared prosperity. In advancing the summit’s focus on building a virile state, Governor Adeleke noted in his opening remark that “Our objectives are to set an agenda for accelerated industrial investment in Osun State, identify opportunities for transforming Osun’s economy, identify opportunities and strengths of the various sectors in the state to attract investors and providing a platform for discussions and agreements to actionable strategies for accelerating the pace of industrialisation and economic growth in the State.”

This was followed by the disclosure of the Commissioner for Commerce and Industry, Reverend Bunmi Jenyo that “Osun State is Open Beyond Borders for investment from Osun indigenes, Nigerians and all persons in the Diaspora. The State through the Ministry of Commerce and Industry is ready to support investments by providing an enabling environment for business to thrive.” By opening up the state to investors, Osun seeks to unlock barriers to investment and drive economic transformation for the state and its people.

The summit shows the Osun state government’s interest in turning potentials into opportunities. Osun is naturally endowed and more importantly, possesses the human resources for investments to thrive. This reality is not lost on Governor Adeleke, who, right from the day of his inauguration, left no one in doubt of his commitment to unlocking the economic potential of the state.

Attracting investment isn’t just a wishful thing, but requires serious efforts at creating an enabling business environment for private investors to leverage on the natural and human resources of a given place. This is exactly what the Adeleke administration has concentrated effort on in its drive to gain the interest of investors and facilitate the presence of their investments.

When Governor Adeleke assumed office in November 2022, he met a state plagued by a disturbing level of infrastructural deficit. From Osogbo to Ilesa, the road network was broken and too low to encourage investment. This explains the serious investment in upgrading the infrastructure of the state by the Adeleke administration in the past 21 months.

In Osun at the moment, the road infrastructure has improved significantly, providing a great pitch for investors. Osogbo, which is the state capital, for instance, has seen an incredible turnaround in its infrastructural landscape, with abandoned roads completed while new bridges and roads are constructed to open up the state for investments.

The weather and the soil in Osun are good for a large-scale agricultural practice. In today’s world, agriculture is not just about what to eat but a great source of revenue when done rightly. In 2022, Australia made a princely sum of $79.1billion from its agriculture exports, and in the same year, the total amount that Nigeria made from crude oil, was $45.6 billion.

What the above clearly showed us is that agriculture holds a lot of potential that can explored and Osun is a very good place for any investor to consider. In this respect, the Adeleke administration has taken concrete and deliberate steps to spur interest in the agriculture sector as manifest in the strategic investment in equipment for mechanized farming. Unlike the neglect that the sector suffered under the past administrations, the Adeleke administration is deploying policies and corrective measures that will facilitate private sector participation in a sustainable manner.

One of such measure is the recent launch of the upgrade and construction of 84km of rural roads across Osun, connecting agriculture settlements and hubs to the market with ease. The same thing with the tourism potential in Osun, which can be explored by investors. Osun is the cradle of the Yoruba nation and boasts of a number of tourist attractions that can be explored by potential. Only recently, a viral video captured moments when Governor Adeleke pitches the Erin Ijesha Waterfall to tourists at the Muritala Muhammed Airport in Lagos.

These and more are the opportunities residual in Osun that the summit laid bare for investors to tap into, promising a new era of growth, development and shared prosperity. Advancing reasons on why investors should look towards Osun for their investments, a media magnate, Aare Dele Momodu, flaunts the peaceful ambience in Osun as an enticing feature for investment, adding that Osun “accepts non-indigene with open arms and supports non-native business ventures and activities with native hospitality and patronage.”

And, he was damn right. Investment brings the desired return in a peaceful and secure environment. This is something that Osun state offers given the accommodating nature of its people, which makes it one of the most secure states in the country. Another thing that makes Osun a top investment destination, according to Aare Momodu, is the presence of a national railway line in the state and the plan for an international airport, which frontally answers concerns on trade logistics.

In a nutshell, the summit has done a great job of changing the narrative about Osun, projecting it as a place that holds a lot of promises for both local and foreign investors. And given the attendance and presentations recorded at the summit, it is safe to conclude that a new Osun beckons and the reality of it is, just the one inspired by Deng Xiaoping in China decades ago, we will have a state swimming in not just unprecedented growth but also unimaginable prosperity.

● _Sarafa Ibrahim is a Special Assistant to the Osun State Governor. He writes from Osogbo, Osun State._