Edo State has taken a significant step towards improving its business climate with the opening of business services at the One-Stop-Investment Centre (ES-OSIC), an arm of the Edo State Investment Promotion Office (ESIPO)-Ease of Doing Business Secretariat.
The centre, located in the right wing, ground floor, Block B of the Edo State Secretariat, Sapele Road, Benin City, was officially opened for business services on Wednesday, November 6, 2024.
The ES-OSIC is a collaborative effort between the Edo State Government,The German Agency for International Cooperation (GIZ-SEDIN), and the Sustainable Trade initiative Netherlands (IDH), aimed at streamlining business processes and providing comprehensive support to investors and businesses.
The centre brings together various government agencies and departments under one roof, allowing businesses to access essential services, such as permits, licenses, and certifications, efficiently and conveniently.
Speaking at the event, Bose Igbinobaro, Permanent Secretary of the Ministry of Business, Trade, and Cooperatives, emphasized the importance of the centre in attracting investment and fostering economic growth. She highlighted the challenges faced by businesses in the past, such as navigating complex regulations and securing necessary approvals.
The ES-OSIC, she said, addresses these challenges by providing a centralized platform for businesses to interact with government agencies.
Efe Isierehenre, Permanent Secretary of the Ministry of Budget and Economic Planning, echoed these sentiments, stating that the centre is a long-awaited development that will significantly improve the ease of doing business in the state. He praised the collaboration between the government and its partners in bringing the centre to fruition.
Markus Wagner, GIZ Country Director in Nigeria, expressed his admiration for Edo State’s commitment to economic development and its focus on supporting MSMEs. He highlighted the successful model of one-stop-shops in other countries like Rwanda and emphasized the potential of the ES-OSIC to transform Edo State’s investment landscape.
Imalingmhe John Yesufu, Director-General of the Benin Chamber of Commerce, Industry, Mines, and Agriculture (BENCCIMA), welcomed the opening of services in the centre on behalf of the private sector. He acknowledged the challenges faced by businesses in the past and expressed optimism about the positive impact of the ES-OSIC.
The One-Stop-Investment Centre has numerous benefits including those enumerated as follows:
Investors can now complete all necessary paperwork and obtain approvals in a single location, saving time and effort. This is simplified procedures. The centre also aims to minimize bureaucratic hurdles and expedite the investment process.
The ES-OSIC provides a one-stop-shop for investors, offering guidance, information, and support throughout the investment life cycle.
It will also improve ease of doing business. By streamlining regulations and procedures, the centre contributes to a more favourable business environment in Edo State.
The event marks a significant milestone for Edo State. By providing a conducive business environment and streamlining investment processes, the centre aims to attract domestic and foreign investment, create jobs, and drive economic growth.
