Edo Unveils Plans to Boost Business Environment

Adibe Emenyonu in Benin City

Edo State Government recently held the second quarter (Q2 2024) Ease of Doing Business (EoDB) Council strategy review meeting, outlining a series of reforms aimed at boosting the business climate and attracting investments

The meeting held at the Government House in Benin City, was chaired by the Commissioner for Finance Adaze Aguele-Kalu, who doubles as the EoDB council chairman.

The meeting brought together representatives from various Ministries, Departments, and Agencies (MDAs) alongside development partner GIZ SEDIN.

The focus of the meeting was two-fold: Reviewing existing policies and achievements and unveiling new pro-business reforms for 2024.

The key areas addressed include Infrastructure Boost; Financial Support for MSMEs; Public-Private Partnerships; Enhanced Security; Streamlined Tax System; Modernised Transportation; Digital Transformation and energy, and mining focus.

The business facing MDAs in the State represented by the Commissioners gave updates on the different key areas highlighted.

In their presentations, the Commissioner’s said the State was actively improving road networks, supporting local contractors, and enhancing overall connectivity.

Furthermore, the State has streamlined the process for obtaining Certificates of Occupancy (C of O). The fees had been reduced from an average of N500,000 to N50,000 and issued within 30 days.

The GIZ SEDIN revealed initiatives to assist Micro, Small, and Medium Enterprises (MSMEs), including securing financing, investment facilitation, and follow-up services. The council emphasized the importance of collaboration between public and private sectors as a driver of economic growth.

On security, measures to improve security for businesses and citizens were outlined by the Commissioner for Public Safety.

These he said included deploying 56 sophisticated surveillance cameras and strengthening cooperation among security agencies through training over 10,000 young people as operatives in intelligence gathering to boost the state’s security network. A policy to introduce CCTV cameras in every business premises was in the works.

The Edo State Internal Revenue Service (EIRS) called for better communication and coordination between MDAs and local governments to ensure efficient tax harmonisation.

Also, a comprehensive transport master plan was presented by the Edo State Transport Authority, featuring free bus rides and the introduction of environmentally friendly buses.

In the area of digital transformation, improved internet connectivity across the state through the deployment of 2000 kilometres of fiber optics across the 18 local government areas was showcased by the ICT representative. This initiative is expected to support digital infrastructures.

In his statement, the Commissioner for Mining and Energy shared plans to improve access to energy, attract investment, and develop the mining and energy sector in Edo State.

In the spirit of building a stronger business ecosystem, the Edo State EoDB Council outlined a series of resolutions to further enhance the business environment. These include: Evaluating business-facing MDAs to improve service delivery and streamline processes; Expediting the passage of business-friendly bills and policies; Enhancing information sharing and communication through the EoDB platform; Organising stakeholder roundtables and information sessions to improve communication with businesses.

Others are providing access to electricity for MSMEs, revising tax harmonisation policies, encouraging collaboration between MDAs, local government areas, and other stakeholders; and strengthening internal and inter-ministerial collaboration

Looking ahead, the Managing Director Edo State Investment Promotion Office (ESIPO)-Ease of Doing Business Secretariat, Mr. Kevin Uwaibi who doubles as the Secretary Edo State EoDB Council noted that the State is taking concrete steps to create a more attractive and supportive environment for businesses.

He added that the reforms were expected to stimulate economic growth and attract investment to Edo State.