Edo State Investment Promotion Office
Edo State Investment Promotion Office (ESIPO) is a body established by the Act of the Edo State House of Assembly in January 2018, to facilitate, promote and coordinate investments in Edo State. The concept is in consonance with the operation of the Nigeria Investment Promotion Commission of the Federal Republic of Nigeria. The body acts as an investment bureau which serves as a one-stop shop for investors seeking to do business in Edo State.
| Edo State Investment Promotion Office | |
| Agency overview | |
| Formed | 02 January 2018 |
| Jurisdiction | Edo State. 17A Vincent Agenmonmen Road, Oka 300102, Benin City, Edo State. |
| Employees | 104 |
| Agency Executive |
Kelvin Uwaibi, Managing Director |
| Key document |
Edo State Investment Promotion Law |
| Website | Official Website |
Background[edit]
As part of its bid to grow the Edo State economy, the Edo State Government has embarked on various initiatives through an ongoing reform process in all major sectors in Edo State. One of these initiatives is the creation of an investment bureau called the Edo State Investment Promotion Office (ESIPO) which serves as a one-stop shop for investors seeking to do business in Edo State.[1]
The aim of this establishment is to act as a facilitator for prospective investors interested in the Edo State market, get assistance about their business needs such as starting a business and where to invest in the state. More so, the Edo State government alongside the Federal Government of Nigeria are working with the World Bank to domesticate the Ease of Doing Business reforms which has been a huge success in other parts of the world.[2] It is intended by all parties implementing the reform that prospective investors will experience a seamless process setting up and running their business when they come to Edo State or other parts of Nigeria.
Mission and Functions[edit]
ESIPO's role is designed to work with all relevant stakeholders through collaborative partnerships by providing excellent services to attract, facilitate and promote investments in and outside Edo State through effective promotional means. The functions of the agency includes;
• Identify specific projects and invite interested investors for participation in those projects. • Provide and disseminate up-to-date information on incentives available to investors. • Assist incoming and existing investors by providing support services. • Facilitate access to market for exporters in the State. • Propose to the Governor, the incentives Schemes for the attraction and promotion of investments within the state, from time to time. • Facilitate investment readiness of small and medium enterprises within the State. • Drive the timely implementation of reforms to coordinate the reform process state-wide across all relevant MDAS’ WASH program impact on citizens. • Monitor and evaluate the scope and impact of the reforms. • Enhance human and institutional capacity development for Edo State’s Ministries and its agencies’ staff. • Liaise between the Presidential Enabling Business Environment Council (PEBEC), Federal Enabling Business Secretariat (EBES) and the Edo state Government. • Maintain liaison between investors, ministries, Government Agencies, institutional lenders, and other authorities concerned with investments. • Initiate and support measures which shall enhance the investment climate in the State for both domestic and foreign investors.
Incentives[edit]
Edo state has several business incentives and tax credits available to encourage business growth, investment, and innovation in Edo State. Some of them include a refundable tax credit for Infrastructure Development in the state undertaken by investors through the Infrastructure Development and Social Investment Tax Credit Scheme and the Edo State Health Insurance Scheme which offers affordable health premiums for its residents.[3]
References[edit]
- ↑ "Invest Edo". Edo State Investment Promotion Office. Retrieved 26 September 2021.
- ↑ "Federal Government Hails Obaseki Ease of Doing Business Reforms". Edo State Investment Promotion Office. Retrieved 26 September 2021.
- ↑ "Edo Health Insurance Scheme". Edo Health Insurance Commission. Retrieved 26 September 2021.
External links[edit]
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