Governor Godwin Obaseki of Edo State has said the state anticipates internally generated revenue in excess of N70 billion by 2024.
Speaking to newsmen on Saturday, the governor outlined his administration’s economic achievements over the past seven years, emphasizing the state’s focus on attracting private investors and boosting the local economy.
He said, “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.”
The governor highlighted the consistent increase in the state’s monthly Internally Generated Revenue (IGR) since 2016, attributing it to conscious investments made in boosting the local economy.
He also mentioned the successful partnerships and Memorandums of Understanding (MoUs) that have set Edo on the path of financial sustainability.
“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,” Obaseki revealed.
He further spoke about the impact of projects like the Gelegele Seaport and Enterprise Park on the state’s revenue generation in the coming years. In the agricultural sector, significant progress has been made with cassava and ethanol, as well as oil palm.
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The governor also mentioned the efforts made to open up the retail space in the State, with plans to launch about 60 shops in the Benin Mall with different facilities before the end of the year.
“The future we see is a state with organised infrastructure to support private sector production,” Obaseki said, referring to the ongoing work on the Benin Enterprise Park and the acquisition of land to build similar parks in Edo Central and Edo North.
Also, Obaseki expressed optimism about the future, envisioning a state where the government works closely with the private sector to drive the growth of Edo State’s economy.