Sunday, April 14, 2024
spot_img
HomeLatestObaseki's Expansive Reforms Attract Companies to Edo, Garnering Pioneer Status Approval

Obaseki’s Expansive Reforms Attract Companies to Edo, Garnering Pioneer Status Approval

Ismail Abdulazeez Mantu Reporting

Edo State, Nigeria

The ambitious reforms spearheaded by the Governor Godwin Obaseki-led administration in Edo State have yielded significant dividends, as a multitude of companies are flocking to the region, now enjoying pioneer status approval from the Nigerian Investment Promotion Commission (NIPC).

Details regarding the status of these companies were disclosed by the NIPC in its latest Report on Pioneer Status Incentive Application for the Third Quarter of 2023, encompassing the period from July to September 2023.

In compliance with 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, the NIPC released the comprehensive list of companies benefitting from pioneer status in Edo State.

Among the notable beneficiaries is Okpella Cement Plc, which has made a substantial investment of N178 billion in its operations. Employing 570 staff, Okpella Cement Plc is engaged in the manufacturing of cement, limestone, and plaster, with its operations situated in the Okpella axis of the State.

Another prominent company enjoying pioneer status is Don Mac Limited, which has injected N8 billion into the State’s economy and employs 175 staff members. The company specializes in the manufacturing of gas cylinders, tanks, reservoirs, and metal containers, holding an active license spanning three years from 2021 to 2024.

Furthermore, several other companies in Edo State are in the process of securing pioneer status, including Saro Allied Resources and Processing Nigeria Limited, Duport Midstream Company, Greenhills Agricultural Products Limited, Dufil Prima Foods Plc, and Flour Mills Nigeria Plc.

The particular significance are the companies participating in the Edo State Oil Palm Programme (ESOPP) and other agribusiness off-takers. Don Mac Limited’s robust investment underscores the growing prominence of manufacturing in the region, alongside the well-established presence of Okpella Cement Limited, operated by the Dangote Group.

Ikponmwosa Nosakhare, a Lecturer and policy analyst at the University of Benin (UNIBEN), hailed these developments as a boon for the local economy, signaling a transformative shift from a civil service-based economy to an industrial powerhouse.

“The rise of manufacturing, food processing, and agribusiness concerns in the State translates to increased productivity and job creation for the local populace,” Nosakhare commented. “Moreover, it enhances the prospects for local graduates to secure employment within the State, given the specific labor requirements of these industries. Efforts to support higher education institutions in the State are imperative to meet the evolving demands of these sectors.”

While acknowledging the pioneer status policy as an investment incentive, Nosakhare emphasized its long-term potential to foster economic growth and expansion. These companies, through their operations and investments, are poised to bolster local capacity and contribute significantly to economic prosperity in Edo State.

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

×