Edo State Governor Godwin Obaseki has stated that the state’s Internally Generated Revenue will exceed N70 billion by 2024.
While addressing to journalists in Benin over the weekend, the governor stated that the state’s monthly IGR collection has steadily climbed since 2016 as a result of his administration’s deliberate efforts in growing the local economy.
Obaseki stated that IGR development would be achieved by capitalising on the state’s comparative advantage and investigating potential in technology, culture, industry, and agriculture, among other sectors of the state’s economy.
He said, “For the past seven years, we have focused on the economy, setting modalities on the 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. We said the government would be made an enabler to stimulate and ignite business opportunities in Edo State.
“Since 2016, our monthly IGR collection has consistently increased as a result of the conscious investments made in boosting our local economy. Our partnerships and popular ‘MOUs’ have set Edo on the path of financial sustainability.
“Government is now working more efficiently and we are seeing the results of the hard work in terms of revenue increases. 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 an IGR in excess of N70 billion.
“Projects like the Gelegele Seaport and Enterprise Park, among others, will further impact the Internally Generated Revenue of the state in years to come.”
In other sectors of the state’s economy, Obaseki stated, “We have done a lot with cassava and ethanol as well as oil palm in the agricultural sector. We have worked hard with partners to open up the retail space in Edo State and hopefully, before the end of the year, we will be launching about 60 shops in the Benin Mall with different facilities.
“The future we see is a state with organised infrastructure to support the private sector production. We have done a lot with the Benin Enterprise Park as we are working on the one in Benin and have acquired land to build those in Edo Central and Edo North. We are hoping that the future is one where the government will work very closely with the private sector to drive the growth of Edo State’s economy.”