Businesses are as important to society just as they are to families.
These businesses could be micro, small, medium or large scale depending on what the family can afford.
Without business or other forms of employment a family will not be able to sustain itself. In situations where the family is not able to set up a business, employment opportunities will be sought in other people’s businesses or in government ministries or agencies.
In every business the main goal is to make a profit. Nobody is in business to make a loss.
Also, as businesses are important to the family and the society, so they are to the government.
States in Nigeria today are largely funded by the Federation Account. States are run with the view that at the end of the month, funding will come from the Federation Account.
In addition to the funds from the Federation Account, States depend on taxation for their sustenance. Each State’s ability to do well depends on the businesses in their domain because the growth requirements for States today cannot be satisfied by funding from the Federation Account alone.
So, for any State to survive going into the future, the State must have enough businesses that can pay taxes to complement revenues from the central purse.
According to the Edo State Governor, Mr. Godwin Obaseki, “For businesses to be able to do well so that you can now collect taxes, the environment for them to do well must be conducive. The state must create an environment where businesses thrive.”
He said this at a recent event in Benin City, the Edo State capital, while speaking on the need for state governments to create the enabling environment for businesses to thrive.
Governor Obaseki is aware of this fact and that is why he is working tirelessly to make doing business easy for Edo residents.
He has made a lot of progress in establishing business-support structures in the state to ensure businesses operate with a great deal of ease.
One of such structures is the reformed tax administration system in Edo State. For many businesses, the deciding factor on whether to invest in a State or not is how business-friendly the tax regime is.
With his vast experience in economics and investment, the Governor has always known how a business environment with multiple tax systems could stifle and scare businesses away from the State. This explains why he had to stamp out the previous multiple tax system and shady tax practices in the State.
This gave way for a transparent and digital tax governance system whereby the government can now keep track of the revenue generated.
Another business-support structure is the land administration policy. The Obaseki-led administration has cut the time for getting certificate of occupancy (C-of-O) for property to a few weeks, from the over five years it used to take, prior to his emergence as Governor.
Nightlife is gradually coming to Edo State powered by the Light-up Edo project, an initiative of the Governor to light up the streets of the State in phases.
This initiative is already boosting commerce in the State, and soon, many people in the State will reckon with the phrase “Benin City is the city that never sleeps”.
The streetlights are powered by another brainchild of the Governor; the Ossiomo CCETC power project, which feeds in a sustainable fashion, the streetlights on Airport Road, Sapele Road, King Square, Oba Market Road, Akenzua Road, Stadium Road and many others.
The positive impact of these projects is not only felt locally but nationwide. No wonder businesses like Reign Restaurant, Jara chain of Supermarkets, Domino’s Pizza and Coldstone Creamery, Market Square and Kilimanjaro are all currently doing business in Edo State. Shoprite is also warming up on the sideline; as soon as the Benin City mall is done, business will start.
The Benin City Mall, apart from housing Shoprite, will accommodate a state-of-the-art digital library, an art gallery, a spa, gymnasium, cinema and restaurants, among others, thereby creating employment for our willing and teeming youths seeking employment.
