Osun State is set to receive a significant boost in infrastructure and gas projects, with two investment conglomerates pledging a combined $80 million towards development initiatives.
Allegiance CNG Limited and First Tricon Construction Services Limited, specializing in sustainable energy solutions and infrastructure development respectively, outlined their proposed projects during a meeting with Governor Ademola Adeleke and his cabinet members.
Allegiance CNG Limited plans to invest $20 million in power generation projects, including gas plants across the state’s three senatorial districts. Managing Director Deji Afolabi revealed that the investment aims to decrease the cost of gas significantly, benefiting the economy and alleviating energy poverty.
As part of their commitment, Allegiance CNG Limited will ensure 24/7 power supply to the State Secretariat and Government House at no cost. They also announced their financial backing from the African Development Bank.
Meanwhile, First Tricon Construction Services Limited is reallocating a $60 million investment fund towards road, bridge, water system, and housing projects in Osun State. Chairman Otunba Olumuyiwa highlighted the company’s expertise and experience in managing large-scale infrastructure projects across multiple sectors.
Governor Adeleke expressed the state’s commitment to facilitating business operations and welcomed the investment pledges, citing Osun’s readiness for development. The state government aims to attract further investment and streamline business processes through its ease of doing business initiative.
With Osun State poised as a construction zone open for development, these investments mark a significant step towards enhancing infrastructure and economic growth in the region.
