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ESIPO IN POSITION FOR BULLISH 2024

By Osaigbovo Frank Okundia

The Edo State Investment Promotion Office, ESIPO, 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 capitalize on emerging opportunities across various sectors.

Highlighting positives from the Nigerian economy, Mrs. Ese Oshiote outlined opportunities for ESIPO, as Nigeria’s GDP is expected to grow at 3.3% in 2024. The non-oil sector i.e. Agriculture; Construction; Trade and Services is predicted to be the driver of the set growth target.

In the last six years, Edo State has solidified its position as the leading state for capital inflow, attracting key investors in Oil Palm (Saro), Manufacturing, Oil and Gas (Duport Refinery), Agro-processing, and others.

The one-day workshop aimed to fine-tune ESIPO’s strategy to provide robust support for new and existing businesses in Edo in the new year. The team critically analyzed its 2023 performance, identifying areas of improvement to attract new investments and strengthen relations with existing businesses.

Mr. Abdulkadir Abdullah, leading the Investment Promotion and Global Outreach team, 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 emphasized 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. Mary Omogbare highlighted the use of technology to improve agency efficiency and productivity.

Mr. Joel Edionwere, Chairman of the Edo State Productivity Committee, urged teams to outline methods for identifying investors via sectors and target them with unique strategies and specific deliverables. Managing Director Mr. Kelvin Uwaibi stressed the importance of consistent stakeholder 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, emphasizing that 2024 is crucial for the Godwin Obaseki administration. The agency’s proactive stance has instilled confidence, making it a go-to choice for those eyeing investment opportunities in the State. As Edo State’s economic landscape evolves positively, ESIPO stands poised to ensure a promising start to the new year.

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