Edo State private sector is set to receive a significant boost from a €3 million investment by the Sustainable Trade Initiative (IDH), Netherlands, an intervention from the British and the Dutch governments.
The funds, part of the National Initiatives for Sustainable and Climate-Smart Oil-Palm Smallholders (NI-SCOPS) programme, will be allocated to various initiatives aimed at supporting sustainable agricultural practices and economic growth.
This was disclosed by IDH Nigeria Country Director, Prof. Eniola Fabusoro during the formal opening of business services at the Edo State One-Stop-Investment Centre (ES-OSIC), an arm of the Edo State Investment Promotion Office (ESIPO).
Prof. Eniola who was represented by the IDH Senior Programme Manager, Abraham Ogwu revealed that approximately 40 percent of the total investment would be directed towards private sector initiatives.
According to him, “the NI-SCOPS programme, which focuses on sustainable oil palm production in Edo State, has already yielded positive results, including training for over 500 smallholder farmers in honey bee production, pineapple cultivation, and other agricultural ventures”.
The programme also emphasizes forest conservation and sustainable land use practices.
“As you can see, the forest is being depleted. We see the effect like global warming. And the only way to prevent people from depleting the forest is to create livelihood substitute for those who live around the forest,” he noted.
Joel Edionwe, a consultant to the Edo State government on Investment Promotions, highlighted the importance of the One-Stop-Investment Centre in streamlining business processes and improving the ease of doing business in the state.
He emphasized the role of the private sector in driving economic growth and the need for a supportive business environment.
Imalingmhe John Yesufu, Director-General of the Benin Chamber of Commerce Industry Mines and Agriculture (BENCCIMA), expressed optimism about the impact of the One-Stop-Investment Centre on the private sector. He noted that the center would address long-standing challenges faced by businesses, such as information access and certification processes.
By leveraging the €3 million investment and the improved business environment facilitated by the state, Edo aims to position itself as a leading destination for sustainable investment and economic development.
