The Edo State Investment Promotion Office (ESIPO) has announced that they attracted over $2.5 billion into the State as Domestic and Foreign Direct Investment since 2016.
The Managing Director, Kelvin Uwaibi, made this announcement as he led a delegation on a media dialogue with journalists in the state. Further note that the meeting took place under the umbrella of the Nigerian Union of Journalists (NUJ), Edo State Council, on Friday, August 25, 2023.
The conversation between the ESIPO and NUJ took place at the NUJ Press Center in Benin City, the state capital, focusing on the media’s role in investment attraction and areas of collaboration to promote the state as the preferred Investment location for investors in Nigeria.
The Chairman of the Council, Festus Alenkhe, and his executives received the ESIPO team warmly. They discussed milestones in Edo’s investment drive, leading to an inflow of over USD 2.5 billion over seven years.
Analysing the portfolio, Uwaibi pointed out to the journalists that the Ease of Doing Business Council, which consists of more than 10 Ministries, Departments and Agencies, works in synergy to achieve every milestone. “It is not a one-man show,” he said.
He broke down the figure into sectors, showing that the department and Government have attracted $550 million into Agriculture, $200 million into Manufacturing, over $700 million in Energy, $800 million in Oil and Gas, $20 million in retail, $30 million in Technology, $40m in Real estate, and social investments in Education, Healthcare, Entertainment, and MSMEs – raking in $200 million, adding that the figures are conservative.
Further, he also explained the Edo State Government’s drive to improve the ease of business and attract diaspora investments, especially towards Micro, Small and Medium Enterprises (MSMEs). He thanked the NUJ for allowing the Government to collaborate with the media in promoting the Edo State as a preferred investment destination for investors.
He said: “As an Investment Promotion Agency (IPA), Media interaction is in our communication strategy to regularly update our people and partners on what we are doing in the state’s investment climate.
Further, The media, as the fourth estate of the realm, is critical to investment promotion and attraction. Accordingly, he stated we continuously seek for a continuous collaboration. Investment is everybody’s business”.
In his response, the NUJ Chairman noted the effect of rising inflation figures in Nigeria and thanked the State Government for its efforts to cushion the effect.
Alenkhe welcomed the opportunity to partner with the Government to promote made-in-Edo goods for export to the international market. He lauded the focus of the Government on empowering MSMEs, identifying them as the cornerstone of economic growth in the state.