The governor of Edo State, Godwin Obaseki, says his administration has raked in $3bn worth of investments over the last seven years, as he signs six executive orders on investments to further improve the business climate in the state.
He explained that the executive directives will make conducting business in Edo State easier. Among the provisions is a tax exemption for small enterprises whose owners earn less than the state’s minimum wage.
“We are very keen on supporting small and medium size businesses and we are also conscious of the fact that we don’t want to overburden them with tax while they are at their nascent stage of development.
“So the adoption of pre-emptive income tax regime for small businesses in Edo State now ensures that except you are earning above the minimum wage as a proprietor or an entrepreneur you will not be liable to tax and when you begin to make money then we expect that you meet your obligations.
“We have received in excess of $3 billion in the last seven years in various areas as investments, either in agriculture, in technology, in manufacturing, in services and this is just the beginning.
“With these executive orders I have just signed, I expect that we will see rapid increase in investors who want to take advantage of the opportunities which Edo offers, Obaseki said.
While signing the executive orders at the executive council chambers of the government house, Governor Obaseki added that all agencies in the investments sector will make their transactions open to the public to ensure transparency and accountability.