The Edo State Governor, Mr. Godwin Obaseki, has said the State’s Internally Generated Revenue (IGR) will grow in excess of N70 billion by 2024.
The governor, while speaking to journalists in Benin City, said the State’s monthly IGR collection, since 2016, has consistently increased as a result of the conscious investments made by his administration in boosting the local economy.
Obaseki said the IGR growth will come from leveraging its comparative advantage and exploring opportunities in technology, culture, manufacturing, and agriculture, among other sectors of the state’s economy.
According to him, “For the past seven years, we have focused on the economy, setting modalities on 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 government will be made an enabler to stimulate and ignite business opportunities in Edo State.”
He further noted, “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 IGR in excess of N70 billion.”
The governor added, “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 organized 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.”
