The Edo State Investment Promotion Office (ESIPO) is positioning itself for a successful and prosperous 2024, as key economic indicators point toward a thriving market. With expectations of favorable economic conditions across Nigeria, the agency is laying the groundwork to seize opportunities and foster growth across diverse sectors.
As part of its preparations, ESIPO recently held a strategic workshop with its staff and senior management to evaluate potential growth sectors and fine-tune its approach. This meeting was designed to take advantage of emerging opportunities and position Edo State as an even more attractive destination for investment in the coming year.
Mrs. Ese Oshiote, an integral figure within ESIPO, emphasized the positive outlook for Nigeria’s economy, with the nation’s GDP projected to grow by 3.3 percent in 2024. Key sectors driving this growth are anticipated to be agriculture, construction, trade, and services, with a significant focus on Nigeria’s non-oil industries.
Edo State has established itself as a leader in attracting capital inflows, thanks to its strategic focus on sectors like oil palm (Saro), manufacturing, oil and gas (Duport Refinery), and agro-processing over the past six years. As Edo State’s economic landscape continues to evolve, ESIPO is determined to build on these strengths and ensure a sustained flow of investment into the state.
The one-day strategy session allowed ESIPO to critically review its achievements in 2023 while identifying areas for improvement. The goal is to continue bolstering support for both existing businesses and potential investors looking to establish or expand operations in the state.
Leading the charge on investment promotion and global outreach, Mr. Abdulkadir Abdullah highlighted several priority sectors for 2024, including manufacturing, agro-processing, renewable energy, technology, and services. These sectors are expected to attract both domestic and foreign direct investments, particularly those aligned with sustainability and climate-smart initiatives.
ESIPO’s Aftercare Department, responsible for maintaining strong relationships with existing investors, received valuable feedback during the workshop, focusing on challenges such as energy supply and logistical infrastructure. In response, the state is undertaking significant projects like the Ossiomo Power Plant, which will provide up to 95 MW of power, and is also moving forward with road development initiatives to improve transportation networks.
The business development team, led by Mary Omogbare, emphasized the importance of modernizing services to better support investors. The agency plans to enhance its one-stop-shop and establish a more efficient business directory that will provide easier access to important contacts. Technology will play a key role in improving agency operations, boosting productivity, and ensuring smooth business processes.
Additionally, Mr. Joel Edionwere, Chairman of the Edo State Productivity Committee, urged the teams to devise targeted strategies for engaging potential investors by identifying key sectors and addressing their unique needs. Mr. Kelvin Uwaibi, the Managing Director of ESIPO, underscored the importance of stakeholder engagement, the use of accurate data, and leveraging technology for investment tracking and corporate social responsibility initiatives. He emphasized that 2024 will be a critical year for the administration of Governor Godwin Obaseki, with a strong focus on fostering a business-friendly environment.
With a proactive strategy and a strong commitment to transparency, ESIPO is primed for a prosperous 2024, as Edo State continues to solidify its position as a top destination for investment. The agency’s approach, combined with the state’s positive economic prospects, is expected to result in a productive year, ensuring continued growth and development across key industries.
