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Edo Reaps Benefits of Obaseki’s Reforms as Top Manufacturers Secure N205bn Investment Incentives

Ismail Abdulazeez Mantu, Reporting

Edo State, Nigeria

The administration led by Governor Godwin Obaseki has facilitated over N205 billion in investments through the securing of pioneer status incentives for top manufacturers.

These incentives, granted by the Nigerian Investment Promotion Commission (NIPC), are set to further deepen the economic footprint of companies such as Dufil Prima Foods, Edo Refinery, and Don Mac Limited.

Over the past seven years, the Obaseki administration has diligently implemented a robust investment promotion strategy, successfully attracting numerous manufacturing entities to Edo State. This influx of industrial activity has not only amplified productivity but also significantly expanded the state’s industrial base.

According to a recent NIPC release, six companies from Edo State have been listed on the longlist of firms with active Pioneer Status Incentive applications for the first quarter of 2024. This incentive offers tax reliefs, enhancing the capacity of these companies to scale their operations.

The NIPC stated, “In compliance with the requirements of the Industrial Development (Income Tax Relief) Act Cap I7, Laws of the Federation of Nigeria 2004, and the Pioneer Status (Delegation of Certain Statutory Functions) Order of 2017, NIPC is pleased to provide details of Pioneer Status Incentive (PSI) applications processed between 01 January and 31 March 2024.”

Among the notable approvals, Dufil Prima Foods Plc has received a three-year incentive from January 1, 2024, to December 31, 2026. With an investment valued at N13 billion and a workforce of 269, the company specializes in grain mill products and pure cassava flour production.

Okpella Cement Plc, operated by Dangote Cement Plc, stands as the largest investor with over N178 billion and 570 employees. This company, involved in the manufacture of cement, lime, and plaster, has received a three-year incentive valid until June 30, 2024.

Edo Refinery, another significant player, has invested N6 billion in the manufacture of refined petroleum products, employing 76 staff members. Their approval is set to last until December 31, 2025.

Don Mac Limited, specializing in the manufacture of metal tanks, reservoirs, and containers, has invested N8 billion. Their incentive approval is valid until July 31, 2024.

Additionally, Duport Midstream Company and Greenhill Agricultural Products Limited are in the pipeline with applications at various stages of approval.

Governor Obaseki’s strategic focus on creating a conducive investment environment continues to pay dividends, positioning Edo State as a burgeoning industrial hub in Nigeria.

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