Given its growth trajectory over the past seven years, Edo State has the potential to overtake the United States as the world’s largest economy, according to the governor of Edo State, Godwin Obaseki, the chairman of the board of trustees of Alaghodaro Economic Summit Ltd./Gte, Dr. Asue Ighodalo, the chairman and chief executive officer of the Dangote Group, Aliko Dangote, and other attendees of the 2023 Alaghodaro Investment Summit.
They pointed out that the state has experienced an economic boom of more than 140%, rising from $10.6 billion to $25.8 billion, thanks to the administration of Godwin Obaseki’s gradual changes to draw in investment and expand the state’s economy.
In his speech at the summit, Ighodalo—who also serves as Chairman of Sterling Bank Plc—disclosed that the Alaghodaro Summit alone has drawn $4 billion in investments over the last seven years. He also noted that the State has the ability to pull Nigeria from its unrealized potential and steer the country toward development.
The Edo State Government, in collaboration with the corporate sector, hosts the Alaghodaro Summit every year to commemorate Governor Godwin Obaseki’s one anniversary in office and highlight the State’s transformation into an investment haven.
“The Edo Story: Creating Shared Opportunities into the Future" is the theme for this year’s summit.
Ighodalo asserts, “In the last seven years, Edo State’s economy has expanded by 140%, from $10.6 billion to $25.8 billion, compared to 4% growth for Nigeria’s economy.”
“Edo State may overcome Nigeria’s obstacles to become a first-world economy. $4 billion in new investments have drawn attention from investors, with the majority coming from joint ventures and Nigeria because the government has the means and desire to do so.”
“Edo State needs to get going early in the morning in order to advance and lift up other areas of Nigeria and other places. We have to keep demonstrating in Edo that Edo State holds immense promise for Nigeria. The government has the power to pull Nigeria from its unrealized potential and steer it toward growth.
Alhaji Aliko Dangote, the Chairman and CEO of the Dangote Group, stated that Edo State has a comparative advantage over all other States in the fields of agriculture and agro-processing, as well as culture and tourism. He further noted that the administration of Governor Godwin Obaseki has repositioned the State, utilizing its comparative advantage to spur growth and development in all areas.
Aliko praised the governor for his government’s business-friendly measures that have continued to drive investors into the State. Aliko was the main speaker at the 2023 Alaghodaro Investment Summit.
Olakunle Alake, Managing Director of the Group, spoke on behalf of Dangote and stated that Edo State has been repositioned as a tourist destination and an investor’s haven thanks to improvements in safety and security as well as in the agriculture and tourism industries.
According to him, Edo State enjoys a comparative edge over all other states in the travel and tourist, agro-processing, and agricultural sectors.
The governor had earlier claimed that throughout the previous seven years, his administration had purposefully built Edo State for growth and development and established a strong foundation for the future of the State.
Obaseki stated that the government concentrated on six thematic pillars: infrastructure development, social welfare, economic revolution, institutional reforms, environmental sustainability, and arts and culture. She added that the daring reforms had a good effect on millions of Edo people’s lives and put the State on the path to rapid and sustainable growth and development.
Governor Obaseki stated that his administration has drawn investments in a number of industries, including manufacturing, retail, health, tourism, and hospitality. He pointed out that Edo has the capacity to produce 70% of Nigeria’s imports and lessen the country’s reliance on foreign exchange (Forex).
