Edo State’s governor, Godwin Obaseki, stated that the state expects to earn more than N70 billion in revenue domestically by 2024.
The governor highlighted the state’s emphasis on drawing in private investors and enhancing the local economy as he reviewed the economic accomplishments of his government over the previous seven years in an address to reporters on Saturday.
He said, “For the past seven years, we have focused on the economy, setting modalities on ground to create an economic revolution in Edo State. Our focus was to attract private investors to Edo to focus on areas where we have a competitive and comparative advantage.”
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The governor emphasised that since 2016, the state’s monthly Internally Generated Revenue (IGR) has consistently increased, and he attributed this to deliberate investments made to strengthen the local economy.
In addition, he highlighted the fruitful collaborations and Memorandums of Understanding (MoUs) that have guided Edo towards long-term financial stability.
“Between 2016 and 2023, we have achieved a lot in terms of IGR for the state, and next year, we anticipate that we will get IGR in excess of N70 billion,” Obaseki revealed.
He went on to discuss how initiatives like Enterprise Park and the Gelegele Seaport would affect the state’s ability to generate income in the upcoming years. A lot of development has been made in the agricultural sector with oil palm, ethanol, and cassava.
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The governor also discussed the initiatives taken to develop Edo State’s retail sector, announcing that before the year is up, roughly 60 stores with various amenities would open in the Benin Mall.
With reference to the current construction of the Benin Enterprise Park and the acquisition of land for the construction of similar parks in Edo Central and Edo North, Obaseki stated, “The future we see is a state with organised infrastructure to support private sector production.”
Obaseki also voiced hope for the future, imagining a situation in which Edo State’s economy is driven by tight collaboration between the public and private sectors.
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