The primary objective of the industrialization program of government will be to accelerate the pace of industrial development in the state by leveraging private financing through Public-Private-Partnership. In doing this, the focus will be:
- To re-examine the state existing public and private industries with a view to resuscitating their activities and ensuring profitable operations.
- To use their improved operations as a vehicle for providing increased employment opportunities.
- Establish one Industrial Park in each Senatorial District
- Establish an Export Processing Zone as an industrial and commercial hub
- Mentor the Local Government to establish an Industrial Cluster in their jurisdiction
- To stimulate the growth and development of a culture of industrial production and entrepreneurship in the state.
- We intend through PPP to establish a refinery in Ikpoba-Okha because of the oil fields in that locality and its proximity to Koko Port. We also intend through the same PPP to establish a gas plant at Oben in Orhiomwon because of the abundant gas in that area.
- We will sponsor an executive bill to create Edo State Investment Promotion Commission (ESIPC) to drive inward investments, entrepreneurship support and development. The commission will be responsible for the proactive generation of investment flows into the state. As first primary assignment, it will be tasked to craft a roadmap to attract a minimum of $1 billion in PPP investments over the first months. Within the first six months, it will organise an international turnkey conference to bring together local, regional and international business leaders and investors. The event should provide an opportunity for all participants to discover the enormous investment potentials of Edo State. The main theme would be: “Edo, West Africa’s Cultural and Business Hub”. As a follow-up to the event, the government will immediately launch a $300 million Edo Business District to be built in Greater Benin City and will use the opportunity of the conference to invite investors to buy into equity of the concessionaire investment.
Private Equity Finance
In addition to Public Private Partnership financing, we will explore other areas of attracting private-equity funding into public sector projects provided such arrangements are fair, sustainable and non-exploitative. Multilateral non-concessional and concessional finance from international organizations, bilateral non-concessional and concessional finance from other governments (such as EU and other sources), and commercial finance (from banks, capital market bonds, and public-private partnership finance) will ONLY be entered into if it is beneficial to Edo people and will not jeopardize public financing in the near or longer term. Projects being proposed include:
- A furniture-manufacturing cluster that will combine workshop units, factory spaces, large-scale manufacturing facilities as well as a retail unit for business-to-business and business-to-consumer sales in one location will be established in Egor/Ikpoba-Okha axis. The project will be beneficial to local furniture makers who will have access to industrial workshop and dedicated electricity supply as well as a ready market.
- A garment-manufacturing cluster that will be equipped with state-of-the-art equipment and will supply the clothing need of our people- especially uniforms for school children. We shall exploit the growing demand for African clothes abroad and make our state a major exporter of well-designed African clothes.
- A Solid minerals cluster will also be created in Edo North to cater for those in the chemical and allied industry; while the fruit growers in Uhunmwode and Orhionmwon Local Government Areas will also be encouraged.
- Edo Central, which is renowned for rice, will play host to the Grain Cluster. The Agro-Cluster will be established in a central location to take care of the plantain and other farm produce.
Our government will work with the Edo State Chambers of Commerce and Industry to provide support, information, business startups and growth capacity enhancement programmes across the three senatorial districts
Our government will partner with stakeholders, banks and financial institutions to resuscitate and revamp Edo industries including the Fertilizer plant, Auchi; Cassavita Industry, Uromi; Ava Cement Factory, Akoko-Edo; Fruit Juice Factory, Ehor; Bendel Brewery, Benin and Ewu Flour Mill to mention but a few.