Investors scramble for space in Benin Industrial Park claims Edo state govt.

Edo state government is claiming that investors are scrambling for space in its industrial park with the coming on stream of the 40MW Independent Power Plant (IPP) built by Ossiomo Power and dedicated to provide power to the Benin Industrial and Enterprise Park. In a statement the state government claimed that investors are trooping in to harness the benefit of the 24-hour electricity and other benefits available at the mixed-purpose park. Ossiomo Power had announced that its new 40MW plant became operational in December 29 and had already connected and powering Ologbo and Obayantor communities in Ikpoba Okha Local Government Area of the State.

The new plant increases the generation capacity of Ossiomo Power to 95MW, as a 55MW plant had been operational since 2020.  Managing Director, Edo State Investment Promotion Office (ESIPO), Kelvin Uwaibi, in a chat with journalists, said the state government has earmarked 100 hectares for the first phase of the mixed-purpose Benin Industrial and Enterprise Park, which measures about 997-hectares. According to him, “We are being inundated by enquiries from investors and are ready for those who want to set up shop as quick as possible.

“We have a mix of investment incentives, even as we treat all enquiries on case-by-case basis. A lot of people have approached us to set up factories and processing plants at the park and have shown commitment to see the investment through. These serious investors are getting the needed attention.” He said, “We are very much open to investments in manufacturing as the Governor Godwin Obaseki-led administration has made it clear that the state is ripe to be a manufacturing hub. So, we invite more persons to invest in Edo.

“Already, enquiries we have received are for businesses interested in agro-processing, production of high-grade furniture, metal works and light manufacturing, among others. So, as a mix-purpose facility, we are open for business.” A financial analyst and lecturer, Ikpomwonsa Nosakhare, said the new plant is sufficient incentive for investors to locate in the park, noting that power challenges constitute one of the major risks to investment in the country. According to him, “We expect to see more companies trooping into the state as there is now steady source of electricity, which is not constrained by the challenges of the national grid. I am sure this is also enough to unlock more private capital to boost the state’s real sector.”