posted November 13, 2023
Edo State is now experiencing significant economic growth, with key figures attributing this growth to the nuanced reforms implemented by the Governor Godwin Obaseki-led administration. According to reports from the 2023 Alaghodaro Investment Summit, the state has seen a remarkable economic boom of over 140 percent in the past seven years, with the GDP increasing from $10.6 billion to $25.8 billion.
The Edo State Governor, Mr. Godwin Obaseki and other business and economic players like Dr. Asue Ighodalo (Chairman of the Board of Trustees, Alaghodaro Economic Summit Ltd/Gte, and Chairman of Sterling Bank Plc), and Alhaji Aliko Dangote (Chairman and CEO of the Dangote Group) have expressed optimism about Edo State’s potential to become a first-world economy. They attribute this potential to the administration’s reforms aimed at attracting investments and fostering economic growth.
The Alaghodaro Investment Summit, an annual event organized by the Edo State Government in collaboration with the private sector, serves as a platform to mark the anniversary of Governor Godwin Obaseki in office and showcase the state’s progress in transforming into an investment haven. The summit aims to highlight the achievements and discuss strategies to further enhance economic development.
It has been declared that Edo State has the potential to produce 70 percent of Nigeria’s imported products with the right incentives, indicating the strategic importance of the state in contributing to the national economy. Dr. Asue Ighodalo highlighted that the investments attracted through the Alaghodaro Summit alone in the past seven years amount to $4 billion, emphasizing the role Edo State can play in driving Nigeria’s overall development.
The theme for the 2023 summit, “The Edo Story: Creating Shared Opportunities into the Future,” suggests a focus on inclusive growth and collaborative efforts between the government and the private sector to ensure sustainable development in the state.
According to Ighodalo, “Over the past seven years, Edo State has grown 140 percent from an economy of $10.6 billion to $25.8bn today, while Nigeria’s economy grew at 4 percent.
“Edo State can become a first world economy regardless of the challenges of Nigeria. The new investments attracted from new investors is put at $4 billion sourced from Nigeria and from joint partnerships as the State has the capacity and will.
“Edo State must set out at dawn to make progress and pull other parts of Nigeria and other regions up. We must continue to show in Edo that there is great hope for Nigeria through Edo State. The State can drag Nigeria out of its untapped potential, re-directing the nation to a point of development.”
He further noted, “Edo’s story tells us we are not a State that lacks the capacity to do well. The Alaghodaro phrase means progress, moving forward, and looking ahead as the word should be a challenge to us in Edo and the purpose of the summit is to set Edo on the path of growth and development.”
On his part, the Chairman and Chief Executive Officer of the Dangote Group, Alhaji Aliko Dangote, said Edo State has comparative advantage over every other State in the area of agriculture and agro-processing as well as culture and tourism, noting that the Governor Godwin Obaseki-led administration has repositioned the State, leveraging its comparative advantage to drive growth and development across all sectors.
Aliko, who was the keynote speaker at the 2023 Alaghodaro Investment Summit, commended the governor for his government’s business-friendly reforms that have continued to spur the influx of investors into the State.
Africa’s richest person, who was represented by the Dangote Group’s Managing Director, Mr. Olakunle Alake, said the safety and security as well as reforms in the agriculture and tourism sectors have repositioned Edo State as a tourist hub and investors’ haven.
He said, “Edo State has comparative advantage over every other State in the area of agriculture and agro-processing as well as tourism sectors.
“Investments are coming into Edo State because of the friendly environment created by the governor for investors and today, Edo has become an investment destination.
“The State boasts of tourist sites across various locations in the State and the State Government has taken advantage of it to turn the State into a tourism hub.”
Dangote added, “The ease of doing business in Edo State is the point of attraction for investors to invest in various locations as infrastructure plays a major role in ease of doing business in the State.
“The State is also secured and it has promoted many investors to invest in the State and this has gone a long way to grow the economy of Edo State.”
Earlier, the governor said his government has reengineered Edo State for growth and development in the past seven years and consciously laid a solid foundation for the State’s future.
Obaseki noted that the government focused on six thematic pillars including institutional reforms, economic revolution, social welfare, infrastructure development, environmental sustainability and arts and culture, noting that the bold reforms have positively impacted the lives of millions of Edo people, placing the State on the path of sustainable and accelerated growth and development.
Governor Obaseki, who noted that Edo has the potential to produce 70 percent of Nigeria’s imported products and reduce the burden on Foreign Exchange (Forex), said his government has attracted investments in agriculture, manufacturing, retail, health, arts and culture, tourism and hospitality, among other sectors.
Noting that his government has delivered on promises made to Edo people, the governor said, “In the civil service, we have introduced a Computerized ERP System (E-Gov). We operate the highest paid Civil/Public Service in the Country and have set up a world-class training infrastructure at the John Odigie Oyegun Public Service Academy, trained over 6,000 Civil/Public servants, and delivered over 10,000 devices across the Service and delivered new infrastructure (workspace) to 76 MDAS in the State.”
According to the governor, “Since 2016, our monthly IGR collections have consistently increased as a testament to the conscious investments we have made into boosting our local economy. Our partnerships and popular ‘MOUs’ have set Edo on the path of financial sustainability. Projects like the Benin Port, and Enterprise Park, among others, will further impact the Internal Generated Revenue of the State for years to come.”