Turkish furniture firm set to begin production in Osun

The Osun State government is attracting foreign investment, with a Turkish furniture manufacturer set to begin operations in the state. This...

The Osun State government is attracting foreign investment, with a Turkish furniture manufacturer set to begin operations in the state. This development follows efforts to encourage international companies to establish businesses within Osun.

Mr. Bunmi Jenyo, the State Commissioner for Commerce and Industry, announced the news in Osogbo, coinciding with the unveiling of documentation related to the upcoming 2025 Osun Trade Fair. The trade fair document outlines investment prospects and organizational details.

Jenyo also revealed that a company based in the United Kingdom has approached the government to sign a Memorandum of Understanding (MOU). The current administration, led by Governor Ademola Adeleke, is committed to actively pursuing foreign investment to stimulate job creation and provide a market for locally sourced raw materials.

The Commissioner urged local business owners to capitalize on the opportunities presented by the influx of foreign investors. He assured them that the government is dedicated to fostering a supportive environment through policies designed to promote business expansion.

Foreign Investment Details

• Turkish Furniture Company: This company is relocating its production to Osun State, citing the availability of necessary raw materials within Nigeria. The MOU is nearing completion, and the company anticipates employing at least 500 people. Operations are expected to commence before the end of the year.
• UK-Based Company: Currently in discussions with the state government to finalize a Memorandum of Understanding. Specific details about the company’s industry and planned operations are yet to be disclosed.

"We are finalizing their MOU, and they have guaranteed us that they will employ nothing less than 500 people in that factory. They are going to start before the end of the year. Our efforts to get foreign investors are yielding the expected result," Jenyo stated.

Osun Trade Fair 2025

The upcoming trade fair, themed "Positioning local content for global market," aims to promote Osun's industrial and commercial potential to the global market. David Awotipe, chairman of the Trade Fair Committee, presented the trade fair document. The event is open to a wide range of participants, including:

• Nano, Micro, Small and Medium Scale Enterprises (NMSMEs)
• Large-scale business organizations
• Financial institutions
• Educational research institutions
• All local government areas within the state

The trade fair's objectives include:

• Promoting Osun's industrial and commercial capabilities on a global scale.
• Showcasing the contributions of commerce and industry to the state's economic growth and development.
• Promoting locally made products, agriculture, mining, and tourism for the global market.

Government Commitment to Investment

The announcement of the Turkish furniture company's investment follows a recent dinner and industrial investment roundtable hosted by the Ministry of Commerce and Industry.

During the roundtable, Governor Ademola Adeleke, represented by the Secretary to the State Government, Teslim Igbalaye, emphasized the administration's commitment to improving infrastructure and ensuring transparency in governance to attract and safeguard investors.

Adeleke expressed his determination to make Osun State a preferred destination for investment across various sectors, including agriculture, manufacturing, tourism, technology, and renewable energy.

"I am deeply committed to realizing a vibrant and prosperous Osun State... Our government recognizes that sustainable development can only be achieved through meaningful collaboration between the public and private sectors. We have therefore prioritised the creation of an enabling environment through improved infrastructure, transparent governance, ease of doing business, and policies that attract and protect investors," Adeleke said.

The government intends to intensify efforts to leverage the state's natural resources and human capital to drive inclusive growth, supporting small and medium-scale enterprises, promoting local content, and equipping young people with the skills needed to succeed in a changing economy.

Dr. Bunmi Jenyo, the State Commissioner for Commerce and Industry, described the summit as a continuation of the progress made during the previous year's Industrial Investment Summit.