An international investment company, Al Liwan Group Limited, based in the United Arab Emirates, has announced plans to invest $5 million in the Owala Water Dam project in Osun State, Nigeria. This development was revealed during a meeting between the Commissioner for Federal Affairs in Osun State, Mrs. Adenike Adeleke, and a delegation from the company, led by Founder and Group Chief Executive Officer Michael Gale, in Abuja on Friday.

Boost to Employment and State Revenue

Adeleke stated that the company is prepared to begin the Owala Dam project with an initial funding package of $5 billion, with the possibility of scaling up the investment over time. She emphasized that the project would significantly enhance employment opportunities in the Oba Oke axis of Olorunda Local Government Area and improve the state’s internally generated revenue (IGR).

“This is a win-win for Osun State. It will create massive jobs, attract people into the state, and put Osun back on the investment map,” Adeleke said, highlighting the significant potential of the project.

Strategic Investment in Key Sectors

The company’s Director, Bola Adefehinti, noted that Al Liwan Group is already executing projects across Nigeria in the maritime, water resources, solid minerals, and energy sectors. The Owala Dam project, he said, is part of the firm’s short-term strategic plan, with $5 million earmarked specifically for its Nigerian operations.

Adefehinti described the maritime and inland waterways sectors as critical to Nigeria’s drive toward a $1 trillion economy. He added that the Owala Dam project presents opportunities in fisheries and reservoir-based development, while Osun State also has strong potential in gold mining and cocoa processing, which the company is considering for future investments.

“Osun State has a lot of untapped potential, and we are committed to contributing to its growth and development,” Adefehinti said, outlining the company’s broader vision for the region.

Private Capital to Drive Development

Gale explained that the company’s model is to deploy private capital, take early risks, and develop bankable projects that can later attract government and institutional funding. He emphasized that Nigeria is a key focus for the firm, as it seeks quick wins that can serve as case studies for successful private-sector investment working with the government.

“We want to create a blueprint for how private-sector investment can effectively partner with the government to drive development and economic growth,” Gale said, highlighting the strategic importance of the Owala Dam project in his firm’s portfolio.

The Osun State Government is expected to formally sign off on the project in the coming weeks, which would allow the company to move forward with the initial phase of the dam construction. Officials said the project is part of a broader effort to attract foreign direct investment and stimulate local economic activity.

According to the Nigerian Investment Promotion Commission, the country has seen a 12% increase in foreign direct investment in the last fiscal year, driven largely by infrastructure and energy projects. The Owala Dam project is expected to contribute significantly to this trend, with potential ripple effects across the state’s economy.

The investment comes at a time when Nigeria is seeking to diversify its economy and reduce reliance on oil exports. With the global push toward renewable energy and sustainable infrastructure, the Owala Dam project aligns with these broader economic goals.

Local stakeholders have welcomed the news, with some calling it a long-overdue boost for Osun State’s infrastructure and economic development. “This is a significant step toward revitalizing the state’s economy and improving the quality of life for its residents,” said a local business leader, who requested anonymity.