BENIN CITY– Edo State has been aptly described as a prime destination for foreign investment and business.
The Senior Manager of Yongxing Steel Company Limited Mr. Zheng Changsheng made this disclosure yesterday in Benin City when Governor Adams Oshiomhole of Edo State undertook an inspection of the Company at Oga Community in Ikpoba Okha Local Government Area of the State.
Mr. Zheng Changsheng commended the Edo State Government for providing the enabling environment for them to do business and contribute to the economy of the State. He said, “We are so grateful for this rare opportunity of your visit to our company and most importantly, for providing the enabling environment for our company to do business. Indeed, your visit is worthwhile and without mincing words, we are happy to associate with you and the good work you are doing in the development of Edo State.
“Your Excellency sir, Yongxing Steel Company located at Ogua Community , in the Benin Bye-Pass Road, Ikpoba Okha Local Government Area was incorporated as a Limited Liability Company on the 29th day of June, 2012, and started production in July, 2013. The main object is production and manufacture of Steel products and has provided for hundreds of workers.”
According to him, “The strategic intent of this company is to be the leading steel manufacturer in the country. In the realization of this, two parcels of land have further been acquired for expansion, and we wish to request assistance of Edo State Government in the areas: a waiver on C of O for the newly acquired lands; assist the company with a contact person to enable us access your Excellency easily and for emergency; help the company link with CBN for the foreign exchange for our importation of equipment. And help appeal to the Federal Government to prevail on the Benin Electricity Company (BEDC) to reduce the existing tariff on electricity.
“Your Excellency, regarding the electricity tariff, we strongly appeal to Your Excellency and your good office to talk with BEDC and NERC and do whatever you can do to protect manufacturers including this company in Edo State.”
He added, “Your Excellency, on our part, we promise to continue to attract other foreign and big investors to the State like what we have brought ‘Times Ceramics Company’ as showing to the rest of the country that Edo State is a prime destination for investment and business without fear of oppression, marginalization or discrimination.
“The Comrade Governor sir, permit us to use this medium to inform you that many of the Ministries and Paralstatals under your good leadership have been of immense assistance to us and sue for this co-operation for the mutual benefits of Edo State and our company.”
Responding, Governor Adams Oshiomhole commended the organization for their industry and for living up to his expectation. Oshiomhole said, “I do recall your visit a few years back, and you had some concerns, and I told you that we would everything possible to assist you to address those concerns. We are very happy that you find Edo State as a home because the whole world is open to investors. So, to come to Edo State, it shows as you said, that we have the right investment environment. We have the land, we have the people. They are hard working, they are industrious. They have a traditional ruler who is helping to maintain the peace, and you have everything that you need to assist you as foreigners to feel at home anywhere you live in Edo State.
“I am happy that your company has since started production, and you are doing well. You are contributing to the economy of Nigeria and contributing to the economy of Edo State, and providing employment for many of our people, both those you employed directly and those who are supplying all those who are supplying various raw materials to your company, as well as those you are selling products to. So, we are happy about this, and I am happy to hear that you are determined to carry out more expansion, and you have already acquired two parcels of land, but you want a waiver of C of O, and I think you want us to reduce the fees.”
Oshiomhole said: “What we can do, we will not waive it in full; we will waive a lot of it so that you will pay a token. I think it is part of the incentive we have. When we have evidence that you are a serious investor, and you are ready to start operations, and now you are expanding, we have confidence that you need the land, and you will use it for the purpose. So, we give a small token, and we will waive the rest.
And I will do everything possible to deliver the C of O to you within the next seven days. We will perfect any other arrangement that we have.
“As for the issue of CBN and the foreign exchange, it would have been nice to help but I don’t have control. I don’t have control over the CBN, but when I see the governor in Abuja during the week, I will mention it to him.
“So, you are sourcing 90 percent raw materials here from scrap metal products. That is very nice.
“On the other issue of power you mentioned, the new Minister of Power is very determined to address the power crisis, and I will pass on to him your concern as a genuine manufacturer of steel in this place. I know you need a lot of power to fire your machines. So, I can only make an appeal on your behalf, but it is not peculiar to you. It is a general policy that the government introduced. And I know that there is a lot of conversation going on, and I am sure that at the end of the day there will be something good.”
The Governor said: “I like this, and I like to quote what you said here, that Times Ceramics Company ‘are showing to the rest of the country that Edo State is a prime destination for investment and business without fear of oppression, marginalization or discrimination.’ I think this for me is a very good testimonial.
“We will assist you in any way that we can, and I want to appreciate your sense of corporate social responsibility by the kind of things you have supported the community to do. Those facilities show that you care about your host community. I am also happy that the Enogie has a good relationship with the company; so we are all his children, and you have a good father to protect you.”
Governor Oshiomhole and his entourage undertook a guided tour of the steel company which so far has about three hundred workers.
