Osun State Governor, Ademola Adeleke, has opened up on how his government revived the Osun economy from 2022 to date, affirming that infrastructure investment has rapidly grown business and expanded various sectors of the economy.
Addressing a delegation of the Association of Real Estate Managers and Consultants (AREMAC) at the Government House on Tuesday, the governor said the state has committed several billions of naira to the rehabilitation of roads, schools, health centres and state utilities with a target of deepening the state economy and improving its Gross Domestic Product (GDP).
Governor Adeleke further addresses the association members, “Our infrastructure growth agenda is driving substantial changes in the local economy and real estate sector.
“Our integrated, multi-sector plan focused on road networks, urban renewal, and local content policy. This is boosting Osun’s economic development.
“From 2023 to date, we have committed several billion naira to the infrastructure upgrade of our dear state. Our infrastructure-driven economic growth creates new economic corridors and urban renewal, reducing traffic congestion in major cities.
“Our projects prioritise local contractors, engineers, artisans, and construction materials to ensure that funds circulate within the state. I am happy to announce that our administration has put an end to capital flight in Osun governance. Our policies successfully reduced the Osun infrastructure deficit by over 50 per cent from 2022 to date.
“Our spending on infrastructure has increased property values and improved connectivity through graded and paved roads. This is elevating the real estate sector and enhancing accessibility for residents and businesses.
“We have scored a major first in urban expansion and planning. Widening of road networks in cities like Osogbo, Ede, Iwo, Ilesa and Ile-Ife is pushing development into new areas. This increases opportunities for residential and commercial real estate development.
“Our success in accelerated land administration is boosting local investment and the construction industry. Our implementation of the 45-day window for processing Certificates of Occupancy speeds up land transactions and secures investment.
“The state government is actively creating an environment to attract global capital and real estate developers. We are creating localised demand for both residential and commercial properties.
“Our One-Stop Investment Shop has simplified the ‘ease of doing business’ to protect and encourage property investors. Our improved Internally Generated Revenue (IGR) provides the state with greater financial capacity to sustain these long-term infrastructure commitments.
“For us in Osun, we are also focused on reducing the challenges of rapid urban pressure and growth facing the capital, Osogbo. The growth rate is presently put at 3.15%. Hence, we expand connectivity and development to adjacent cities and towns.
“This administration’s focus on infrastructure is expected to position Osun as a tourism and economic hub in the South West. The infrastructure focus has also jump-started our agro-industrialisation plan. At the same time, our investment spread to education and health facilities to support the population”, the governor stated.
Speaking earlier, the President of the Association of Real Estate Managers and Consultants (AREMAC), Mr Abiodun Olowoporoku, according to the Governor’s spokesperson, Mallam Olawale Rasheed, commended the governor for his commitment to the growth of the real sector of the state economy.
He particularly appreciated the signing into law of the real estate regulatory bill, describing it as a major landmark in the real estate sector of the state.
