Edo State’s retail sector is witnessing significant growth, driven by reforms initiated by Governor Godwin Obaseki’s administration. These reforms have streamlined the process for establishing new businesses, making the state increasingly attractive to large-scale investors.
In the past three years, over five major retail brands have either launched new stores or expanded their operations in Edo, signaling the rapid development of the market. Among these are well-known names such as Genesis Cinemas, Domino’s, Market Square, JARA Stores, Reign Arcade, Ford Mart, and the soon-to-open Shoprite, which is expected to commence operations in the coming weeks.
Key to this retail boom are several government-driven initiatives, including the establishment of the Edo State Investment Promotion Office (ESIPO), which serves as a one-stop shop to facilitate business setup and enhance the ease of doing business in the state. The Edo State Geographic Information Service (EDOGIS) has also played a crucial role by reducing the time it takes to process Certificates of Occupancy (C-of-O) to just 30 days. Additionally, the Public-Private Partnership (PPP) office and other business-oriented agencies have further supported the state’s pro-business environment.
The arrival of these retail giants has significantly transformed the shopping experience in Edo. Residents of the state, when interviewed, expressed excitement over the new stores, with many highlighting the improved variety and quality of products now available.
Mr. Nosakhare Ikponmwosa, an economist, policy analyst, and lecturer at the University of Benin, attributed the influx of investors to the government’s successful reforms. He noted that these changes have made it easier for businesses to establish themselves, leading to increased competition. “This influx of investors is not only enhancing competition but also forcing established players to upgrade their offerings,” Ikponmwosa stated. “Local suppliers to these retail stores have also been compelled to improve the quality and packaging of their products, ensuring they meet international standards while opening up new markets for them.”
Businessman Mr. Darlington Osawe echoed this sentiment, stating that the expansion of international and local retail chains has had a positive impact on the local economy. “The shopping experience has significantly improved. There are now well-stocked stores offering both local and international brands, which is not only beneficial for consumers but also a clear indicator of the state’s economic growth,” he said.
Mrs. Ruth Igbinosa, a local trader, also noted that the increasing presence of retail outlets in Edo reflects the market’s potential. She emphasized that local producers are adapting to the higher standards being set by these new entrants, which bodes well for the future of the state’s economy.
