The Ogun State government has signed a $400m Memorandum of Understanding with a foreign firm, Arise Integrated Industrial Platform, on the development of Olokola Free Trade Zone and Remo Agro Processing Zone.
The state governor, Dapo Abiodun, and the Founder/Chief Executive Officer, Arise Integrated Industrial Platform, Gagan Gupta, sign the MoU on Friday, at the Exco Chamber of the Governor’s Office, Abeokuta.
Speaking shortly after the signing ceremony, Gupta disclosed that his organisation would focus on the Olokola Free Trade Zone and the Remo Agro Processing Zone.
He explained that the $400m would be for the completion of phase one of the projects, saying by July 2023, the investment would be higher.
According to him, his organisation will focus on developing the infrastructure at the Olokola Free Trade Zone as well as the Remo Cluster Area and the Agro Cargo Airport in order to enhance the agro-processing area.
Gupta who also noted that the intention of the group was to ensure that work starts on the industrial zone by the first week of July this year, added that the group would also focus more on the upstream sector.