In order to achieve the stated objectives of the Department, the following Policy programmes are in place:
INDUSTRIAL LOAN SCHEMES
Two loan schemes, namely Small-Scale Industries Credit Scheme and Industrial Development Fund, under which soft loans are granted to small and medium-scale industries respectively are being operated. The loans are meant for the establishment, expansion or modernization of industries. 174 projects have been supported under the two schemes and more applications are being processed.
ESTABLISHMENT OF INDUSTRIAL ESTATES
Presently, two industrial estates are being developed in two of the six zones of the State. These are at Osogbo, the State capital and Ilesa. The estates are being provided with roads, electricity, pipe-borne water and telecommunication facilities. These estates, which are demarcated into plots are already being allocated to industrialists. The establishment of these estates is to hasten the process of land acquisition for industrial use. Furthermore, the provision of infrastructural facilities within the estates will reduce the initial capital outlay required by industrialists, as they will not need to incur additional expenses in providing the facilities. Industrial estates in the other zones of the State will be developed in due course.
MINERAL RESOURCES DEVELOPMENT
The endowment of Osun State in the area of mineral resources is enormous. The minerals with proven economic deposits in the State include, talc, kaolin, granite, clay, gold and feldspar. Apart from these, there are indications of the occurrence of cassiterite columbite, acquamarine and mica. The Mining and Geological Division of the Department of Industry oversees, in collaboration with relevant Federal Government agencies, the development of mineral resources of the State. There is an array of investment opportunities in the solid minerals economic sub-sector in State.The Living spring minerals promotions co.ltd,formed with the backing of the osun state government is engaged in minning activities all over the country.
EXTENSION AND CONSULTANCY SERVICES
Industrial Officers in the Department of Industry of the state ministry of Commerce are professionals in various fields such as engineering, mining, marketing, business management and industrial chemistry. As part of their activities, they render technical, management and marketing services to cottage, small, medium and large-scale industries. These services are available to all industrial investors in the State.
Osun State is well-endowed with agricultural and mineral resources. The strong agricultural base, coupled with extensive mineral reserves, give a clear indication of the robust economic potential of the State. Many resource-based investment opportunities exist in the State.
SERVICE INDUSTRIES
Industries which render various services to other industries abound in the State. The
major ones include the following:
s/n |
Service Providers |
Service Users |
1 |
Nigeria Machine Tools Ltd. |
Base metal, Iron, Steel and Engineering industries. |
2 |
Osogbo Steel Rolling Company Ltd |
Base metal, Iron, Steel and Engineering industries. |
3 |
Fabricators of industrial machinery and equipment. |
Various industries |
4 |
Telecommunication services operators |
All industries |
5 |
Business Centres |
All industries |
6 |
Industrial and Management Consulting firms |
All industries |
INDUSTRIAL POLICY OF OSUN STATE GOVERNMENT
THE POLICY:
The industrial policy of the State Government is to accelerate the pace of industrial development of the State through the provision of an enabling environment by the Government while the private sector is motivated to directly engage in industrial investment. In other words, the State Government leaves the ownership of industrial projects in the hands of private/corporate investors while concentrating on activities that promote and facilitate the propagation and profitable operation of the projects. A key element of the policy is non-discriminatory encouragement of both local and foreign investors.
As a way of further catalyzing the industrialization process in the State, there is direct Government intervention in the establishment of strategic industries. Such Government-sponsored industries are however promptly privatized with the Government having not more than 20% shares in them.
INVESTMENT FRIENDLINESS OF OSUN STATE
Enormous human and material resources, most of which are yet to be fully exploited, abound in the State.
The State constitutes a significant part of the expansive Nigerian market which stretches in the West African sub-region.
The political environment is stable and peaceful. Nigeria, of which Osun State is a significant entity, operates participatory democracy which accommodates all shades of opinion in a spirit of love and concord.
The State has created a conducive business and industrial environment by putting in place policies and programmes which guarantee a free market economy.
The private sector in the State is dynamic and has assumed greater responsibilities under the industrial policy of the State which makes the sector the principal engine of economic development.
A non-discriminatory policy with respect to local and foreign investors is in place with both groups enjoying adequate government protection and incentives.
Exchange control regulations in Nigeria and invariably in Osun State have been liberalised in order to ensure free flow of international finance. There is now unhindered movement of investment capital.
There is a well-developed banking and financel sector. Credit facilities are easily accessible by investors.
Skilled labour is abundantly available at economic costs. This aids low cost of production.
The State has well-developed physical and industrial infrastructures in terms of efficient transportation, communication, electricity supply, water supply and service industry.
