ESIPO Positions Self for Bullish 2024

Adibe Emenyonu in Benin-city

The Edo State Investment Promotion Office (ESIPO) has said it is preparing for a prosperous 2024 as market indicators signal a bullish trend.

Amid projected favourable economic conditions for Nigeria in 2024, the investment promotion agency conducted a one-day strategy meeting with staff and top management officials to capitalise on emerging opportunities across various sectors.

Highlighting positives from the Nigerian economy, an Economist, Mrs. Ese Oshiote, while outlining the opportunities for ESIPO to journalists in Benin-city yesterday, said, Nigeria’s GDP is expected to grow at 3.3 percent in 2024, the non-oil sector i.e. agriculture, construction, trade and services is predicted to be the driver of the set growth target.

She also noted that in the last six years, Edo State has solidified its position as the leading state for capital inflow, attracting key investors in palm oil, manufacturing (Saro), oil and gas (Duport Refinery), agro-processing, and others.

According to her, “The one-day workshop aimed to fine-tune ESIPO’s strategy to provide robust support for new and existing businesses in Edo State in the new year.”

The team critically analysed its 2023 performance, identifying areas of improvement to attract new investments and strengthen relations with existing businesses.

Also, a leading Investment Promotion and Global Outreach team led by Abdulkadir Abdullah identified manufacturing, agro processing, renewable energy, technology, and services as key sectors ESIPO will focus on in 2024 to attract domestic and foreign direct investment, with a focus on climate-smart investments.

ESIPO’s aftercare department, responsible for existing investors, received feedback on key issues such as energy supply and logistics infrastructure. The state has initiated steps, including the 95MW Ossiomo Power Plant and awarding new road contracts in Q4, 2023, to address these concerns.

The business development team emphasised the need to equip the one-stop-shop and a functioning business directory to enhance public access to contacts of new and existing businesses in the state, just as a member of the team, Mary Omogbare, highlighted the use of technology to improve agency efficiency and productivity.

Also, Chairman of Edo State Productivity Committee, Joel Edionwere, urged the teams to outline methods for identifying investors via sectors and target them with unique strategies and specific deliverables.

Additionally, the Managing Director Mr. Kelvin Uwaibi, stressed the importance of consistent stakeholders’ engagement, accurate data, and technology tools for investment and corporate social responsibility tracking in 2024.

Uwaibi encouraged the team to seek opportunities and face challenges with determination, emphasising that 2024 is crucial for the Governor Godwin Obaseki administration.