In2024, Obaseki estimates N70 billion in IGR.

According to Godwin Obaseki, the governor of Edo State, the state’s internal revenue will increase by more than N70 billion by 2024.

Speaking to reporters over the weekend in Benin, the governor said that since 2016, the state’s monthly IGR collection has continuously grown as a consequence of the deliberate investments his government has made to strengthen the local economy.

According to Obaseki, the state’s economy will increase in IGR by taking advantage of its comparative advantage and by looking at prospects in manufacturing, agriculture, technology, and culture, among other areas.

Obaseki stated, “For the past seven years, we have focused on the economy, setting modalities on the 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 the government would be made an enabler to stimulate and ignite business opportunities in Edo State.

“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.

“The 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 an IGR in excess of N70 billion.

“Projects like the Gelegele Seaport and Enterprise Park, among others, will further impact the internally generated revenue of the state in years to come.”

“We have done a lot with cassava and ethanol as well as oil palm in the agricultural sector,” Obaseki said in reference to the state’s other economic areas. We have put a lot of effort into opening up retail space in Edo State with our partners, and by the end of the year, we plan to establish roughly 60 businesses in the Benin Mall with various amenities.

“We see a state with a structured infrastructure to facilitate the output of the private sector. We have made significant progress with the Benin Enterprise Park, having completed the one in Benin and procured land for the construction of those in Edo Central and Edo North. We hope that government jobs will become a thing of the future.