Obaseki’s Reforms Attracting Significant Investment, Big Players Jostle for Retail Market Share

Edo State Governor Godwin Obaseki’s reforms seem to be attracting significant investment and improving the business environment especially the positive developments in State’s retail sector.

The impressive variety of popular retail brands expanding into Edo State is a testament to the success of the business reforms introduced by Obaseki-led government. Among the brands are Genesis Cinemas, Dominos, Market Square, JARA Stores, Reign Arcade, Ford Mart and Shoprite, which have concluded plans to commence operations very soon.

The reforms by the government, such as the establishment of the Edo State Investment Promotion Office and the Edo State Geographic Information Service, seem to be playing a crucial role in attracting these investments.

The Edo State Investment Promotion Office is a one-stop shop that promotes ease of doing business in the State while the Edo State Geographic Information Service processes speeding issuance of Certificate of Occupancy (C-of-O) in record time of 30 days. Other departments include the Public Private Partnership (PPP) office, including private-sector facing agencies in the State.

A cross-section of residents in the State who spoke to journalists said the new entrants have redefined the retail experience in the State. An economist, policy analyst and lecturer at the University of Benin, Mr. Nosakhare Ikponmwosa, said that the new investors are responding to the government’s reforms, which has made investment seamless.

According to him, “There has been a strong shift to attract private investors and it has increased competition in the economy. A lot of the old players are improving their services to measure up to the new entrants. So, the competition is healthy.

“Another implication of this is that a lot of local suppliers to these superstores have had to improve the packaging of their goods. The improved package ensures standards and also opens these producers to more markets.”

A businessman, Mr. Darlington Osawe, said: “We are really excited by the new trend of popular retail stores coming into Edo State. The shopping experience has changed. We now have well-stocked shops, with local and international brands on display. It is a boost for the local economy and a testament to the growth being experienced in the State.”

Mrs. Ruth Igbinosa, a trader, on her part, noted that the expansion of the retail traders in the State is evidence that the market is viable and that a lot of local producers are meeting up to the new standards being set.