Edo economy grew to $25.8bn in seven years – Ighodalo

The chairman of the Board of Trustees, Alaghodaro Economic Summit Ltd/Gte, Dr. Asue Ighodalo, has said that the economy of Edo State grew by 140 per cent in seven years from $10.6bn to $25.8bn.

According to a statement issued on Monday, Ighodalo said this at the 2023 Alaghodaro Investment Summit which had in attendance the Edo State Governor, Godwin Obaseki, billionaire,  Aliko Dangote, and other guests.

Ighodalo in his address at the summit, disclosed that the investments attracted through the Alaghodaro Summit alone in the past seven years stood at $4bn, adding that the State can drag Nigeria out of its untapped potential, re-directing the nation to a point of development.

This year’s summit has the theme, ‘The Edo Story: Creating Shared Opportunities into the Future.’

He said, “Over the past seven years, Edo State has grown 140 per cent from an economy of $10.6bn to $25.8bn today, while Nigeria’s economy grew at four per cent.

“Edo State can become a first world economy regardless of the challenges of Nigeria. The new investments attracted from new investors are put at $4bn sourced from Nigeria and from joint partnerships as the State has the capacity and will. Edo State must set out at dawn to make progress and pull other parts of Nigeria and other regions up. We must continue to show in Edo that there is great hope for Nigeria through Edo State. The State can drag Nigeria out of its untapped potential, re-directing the nation to a point of development.”

He further noted, “Edo’s story tells us we are not a State that lacks the capacity to do well. The Alaghodaro phrase means progress, moving forward, and looking ahead as the word should be a challenge to us in Edo and the purpose of the summit is to set Edo on the path of growth and development.”

The Alaghodaro Summit is organised annually by the Edo State Government, in partnership with the private sector, to mark the anniversary of Governor Godwin Obaseki in office and showcase the progress being recorded in transforming the State into an investment haven.

On his part, the Chairman and Chief Executive Officer of the Dangote Group, Aliko Dangote, said Edo State has comparative advantage over every other State in the area of agriculture and agro-processing as well as culture and tourism, noting that the Obaseki-led administration has repositioned the State, leveraging its comparative advantage to drive growth and development across all sectors.

Aliko, who was the keynote speaker at the Summit, was represented by the Dangote Group’s Managing Director, Mr. Olakunle Alake.

He said that safety and security as well as reforms in the agriculture and tourism sectors have repositioned Edo State as a tourist hub and investors’ haven.

“Edo State has comparative advantage over every other State in the area of agriculture and agro-processing as well as tourism sectors. Investments are coming into Edo State because of the friendly environment created by the governor for investors and today, Edo has become an investment destination. The State boasts of tourist sites across various locations in the State and the State Government has taken advantage of it to turn the State into a tourism hub.

“The ease of doing business in Edo State is the point of attraction for investors to invest in various locations as infrastructure plays a major role in ease of doing business in the State. The State is also secured and it has promoted many investors to invest in the State and this has gone a long way to grow the economy of Edo State.”

Earlier, the governor said his government has reengineered Edo State for growth and development in the past seven years and consciously laid a solid foundation for the future.

Obaseki noted that the government focused on six thematic pillars including institutional reforms, economic revolution, social welfare, infrastructure development, environmental sustainability and arts and culture, noting that the bold reforms have positively impacted the lives of millions of Edo people, placing the State on the path of sustainable and accelerated growth and development.

Noting that his government has delivered on promises made to Edo people, the governor said, “In the civil service, we have introduced a Computerized ERP System (E-Gov). We operate the highest paid Civil/Public Service in the Country and have set up a world-class training infrastructure at the John Odigie Oyegun Public Service Academy, trained over 6,000 Civil/Public servants, and delivered over 10,000 devices across the Service and delivered new infrastructure (workspace) to 76 MDAS in the State.”