News: OPIC's N2.5bn Investment in Makun City Estate Project to Create 10,000 Jobs

Ogun State Property and Investment Corporation (OPIC) - About 10,000 unemployed persons will be engaged directly or indirectly when construction work begins n the new Makun City Project in which the Ogun State Property and Investment Corporation (OPIC) is planning to invest N2.5 billion.

The New Makun City Project, located along Lagos-Ibadan expressway at Sagamu-interchange, is a 750-hec- tare greenfield housing project that was started but abandoned by past administrations in the state about 10 years ago as Gateway Paradise City which was then handled by Gateway City Development Company Limited.

OPIC has moved to revitalise the project and according to Babajide Odusolu, OPIC’s managing director, the present move stems from the mandate to do so from the state governor, Ibikunle Amosun. During a meeting with host communities, including Ayetoro, Shomo, Lenuwa and others at the site of the project recently, Odusolu, who is also the special adviser to Governor Amosun on Property and investment said the project was designed to be a catalytic hub for enhancing tourism, industrial and commercial base of state

The City Project which, he said, would house four residential districts, including a 1.5km racing track, African themed village resort, logistics hub, 3-star hotel, off-grid power network, hyper shopping mall, multi-purpose sports arcade, recreational facilities, executive golf course, warehouse, would be a better version of Agbara industrial and residential estates.

“It’s 750 hectares. The project was abandoned about 10 years ago by previous administrations and itwas given to a company to do and the state incurred lots of debt under commercial loan; it was supposed to have been developed as Gateway Paradise City. When Governor Amosun came on board, he mandated OPIC to revitalise the city.

“It is a New Makun City. There is a place where you have industries, business and where people live, It’s going to be mini Agbara Estate and a better version of the estate. We are currently working on the first phase with a 7-kilometre road which will be ready by the first quarter of next year’ he said.

Continuing, he informed that “in pursuit of this, we have decided to engage communities around. We have been engaging everybody including investors, banks and now, we are engaging the communities to ensure that they are accommodated within the scheme; this is not take-over, though the place is already under acquisition. The benefit is that this place will be re-structured and properly developed’s

“What it will translate into for them is job for the communities. The first phase will generate a minimum of 10,000 jobs. We are going to create jobs for communities, At the end of the day, government will create village dusters for them. We are goingto create services and infrastructure and when all of that come, the entire place will open for business’: he added.

Odusolu disclosed that the corporation has entered into partnerships with some investors, pointing out that Lafarge Africa was bringing in a new building solution to the estate by providing technology-based homes in addition to OPIC-branded houses as well as 700 housing units that would be built by Practical Habitat and Property mart as well as other investors. Responding, Adegbenro Oduwaiye, Lisa of Makun in Sagamu said, “it's right for government to develop places and we welcome the idea. All we have to say is that government should have re-settlement plan for our people.

Source: BusinessDay