The Edo State Government plans to host a three-day business/investment summit tagged “Alaghodaro Investment Summit.” With the theme “Envisioning the future”, it promises to be the template for leveraging a robust private sector partnership to open up investment opportunities in various sectors. Asst Editor OKWY IROEGBU-CHIKEZIE reports that the state also plans to ride on the summit’s platform to domesticate the Federal Government’s Economic Growth and Recovery Plan (EGRP).
The economic development agenda of the Governor Godwin Obaseki-led administration in Edo State is on course. The governor, who has not hidden his intention to strategically position the state for life without oil, has concluded plans to unveil an economic blueprint fashioned after the Federal Government’s Economic Growth and Recovery Plan (EGRP) launched by President Muhammadu Buhari in April.
The EGRP, a 168-page medium-term economic plan, charts a course for the economy over the next four years. Its vision is to boost growth, invest in Nigerians, and build a globally-competitive economy. It envisages that the economy will return to sustainable, inclusive and diversified growth, and also transform Nigeria from an import-dependent to a producing economy.
The EGRP document has been described by many experts in economics and public administration as a well-articulated principles for managing the economy. Dr. Alex Oti, a banker, said: “The EGRP represents the first blueprint by this administration to not only deal with the present economic meltdown, but also ensure growth in the medium term.”
This is why, in line with its provisions for the growth of the non-oil sector, the Obaseki-led government plans to use the platform of the maiden edition of its summit tagged “Alaghodaro investment summit” to unveil a domesticated EGRP. The summit with the theme “Envisioning the future” will hold in Benin City, the Edo State capital.
Alaghodaro is a Benin catch phrase meaning ‘Progress’ or ‘Moving forward.’ According to its organisers, it will bring together top-notch Nigerian and international business leaders, investors, bankers, industry experts, policymakers and the academia, to set the agenda for the state’s development. It will showcase how Edo intends to partner the private sector to leverage its competitive advantage in various sectors for sustainable growth.
With the state’s economic development plan geared towards opening up investment opportunities, with priority given to initiatives that prioritise its competitive advantage in agriculture, the summit, The Nation learnt, will showcase the administration’s ambitious agricultural programmes that gave birth to the Edo Fertiliser and Chemical Company aimed at boosting the local production of fertiliser.
The Edo Fertiliser Plant and Chemical Company Limited, recently inaugurated by Vice President Yemi Osinbajo, in Auchi, is a public-private venture, which can produce about 60,000 metric tonnes of fertiliser yearly. Also to be paraded at the summit is Saro Farm in Sobe, Owan West Local Government Area, where harvest is ongoing.
No doubt a template for leveraging a robust private sector partnership to open up investment opportunities, the Saro Farm is the outcome of a Public-Private Partnership (PPP) initiative with Saro Agro Sciences Ltd., a leading company in agribusiness. It was conceived by Obaseki to create jobs for youths across the state.
According to Obaseki, the maize farm was part of his administration’s accelerated agriculture initiative to boost job creation in the state. He told excited and expectant indigenes that between 50, 000 and 80, 000 agricultural jobs would be created before the end of the year in the state. The first phase of the initiative targets job creation for 1,000 farmers through the cultivation of 5,000 hectares of maize farms across five local government areas of the state.
The road to an industrial hub
Apart from agriculture, which has got a major boost with the adoption of contract farming, partnership with SARO Group on maize farming, the state government under Obaseki’s watch is also making frantic efforts to industrialise the state and create jobs.
For instance, the Edo Industrial Park, which has received positive reviews by analysts, will top discourses at panel and technical sessions during the summit.
On completion, the park will be linked to the Azura-Edo Independent Power Plant (IPP), under construction. The project is situated close to Nigeria’s main trunk line, the Escravos Lagos Pipeline System (ELPS), which is only 1km from the Azura-Edo project site.
Aside these, there is a plan to transform the state into a transport hub, with the anchor being the Gelegele Seaport, which would aid the evacuation of agricultural produce for local and global markets.
The resulting jobs that would be generated from these ventures are expected to usher the state into a new order of economic growth. The 200,000 job target will be reviewed at the event with the sectors that can produce the highest number of jobs, as encapsulated in the EGRP.
Infrastructure is also top priority for the Obaseki administration. This informed the creation of a separate Ministry of Infrastructure in the state to drive the realisation of the Gelegele Seaport, the expansion of the Benin Airport in partnership with the Federal Government and the construction of intra-city and inter-state roads, among other projects.
Perhaps, more importantly, the Ease of Doing Business also received the EGRP attention. For instance, Nigeria is ranked 169 out of 190 countries on World Bank’s ‘Ease of Doing Business’ index. The plan envisages improved ranking to 100 during the EGRP.
Consequently, the government as part of removing barriers to trade and investment, signed the Private Property Protection Law. The law criminalises the Community Development Associations (CDAs) activities. The CDAs were notorious for harassing land owners by making them pay illegal levies and selling people’s property until the PPA Law was put in place by the Obaseki-led government.
The passage of the PPP law effectively outlawed land speculators and grabbers, who for years tormented investors.This has cleared the space for investors to site factories and industries in parts of the state without fear of intimidation from anyone.
As part of its vision of making the state accountable, transparent and a darling for local and foreign capital inflows, the government insists on the adherence to its public procurement laws in sourcing of services and goods, which eases business transactions with the State Government.
Shedding light on the planned summit, Chairman of the Planning Committee, Asue Ighodalo, said: “The summit is designed to foster knowledge sharing, build relationships, spark innovation and inspire commitment to strategic deployment of capital for greater socio-economic and environmental impact.”
Ighodalo, an investment lawyer, sits on the board of Nigerian Economic Summit Group (NESG). He has been the chairman of Sterling Bank since 2014 and director of private companies and non-governmental organisations (NGOs),including the Christopher Kolade Foundation, FATE Foundation, Lagos State Lottery Board, Main Street Technologies Limited, Union Bank (UK) among others.
It is easy to see why the government through the summit is engaging investors and thought leaders on the immense potential that the state has. For instance, on a scale of one to 10, Edo ranks eight as the most likely state to be self-sustaining for its natural resources. The state has oil, immense potential in water and other natural resources, a population that can easily attract outside and foreign investments.
Despite, Obaseki is cautious that this may not last. He said: “Oil has been the driving force of our economy both at the national and state level. The real challenge for us as a people is not necessarily what happens now, but what happens when the oil wells dry up and we can no longer generate foreign exchange from the sale of oil.”
The governor said: “Alaghodaro is the response of the government of Edo State to this challenge. We understand that to ensure a sustainable future for our children we must take deliberate action today towards developing the non-oil sectors and diversifying our economy.”
