Over 25 new companies in operation in Edo – Oshiomhole

Following the harvest of investors in Edo State economy in recent time, the state government has disclosed that more than 25 new companies are already in operations in the state.

BusinessDay reports that the state governor, Adams Oshiomhole made the disclosure while commenting on the importance of the groundbreaking ceremony of Okpella Cement company by the Dangote Group.

Oshiomhole also disclosed that the state government had recently signed Certificate of Occupancy with De-United Food Industries Limited (DUFIL), manufacturer of Indomie noodles, for the establishment of farm in Ovia North-East Local Government Area.

He however listed industries that were under construction as well as those fully in operations in the state to include the $1 billion Azura Power Plant, Chinese Steel and Chinese Ceramic Industries, among others.

While attributing the influx of investors to the favourable business environment, government policies, among others, he noted that more of the investors had indicated interest to invest in the state.

He further posited that the over $1 billion Dangote Group investment in Okpella Cement Company was more than the amount the state government spent in all its capital projects in the over past seven years of his administration.

He said the total amount the state government spent in the past year on capital projects was about $1 billion equivalent to about N300 billion in the current international foreign exchange rate.

In his speech, Aliko Dangote, president/chief executive of Dangote Group, said the Okpella Cement was to compensate the people of Edo State for the relocation of the fertilizer plant earlier proposed to be established in the state to Lagos.

Recall that the Dangote Group had in November 2012, during the swearing in ceremony for the commencement of the second tenure of Adams Oshiomhole, announced plan to set up $2 billion (about N300bn) fertilizer plant in Agenebode, Etsako East Local Government Area of the state.

The groundbreaking ceremony of the fertilizer plant, which was supposed to be performed between December 2012 and January 2013, was allegedly however relocated to Lagos State due to community-related crisis.

Giving reason for the relocation of the fertilizer plant from Edo State during the groundbreaking ceremony of Okpella Cement plant, Dangote said the plant was relocated due to the delay in the dredging works on the River Niger by the past Goodluck Jonathan-led government.

“All along, we have been trying to invest heavily in Edo State because it is a friendly state to invest. Edo was the first state we planned to host our fertilizer plant, but due to the delay in the dredging works on the River Niger, we had to reluctantly move the project to Lagos. I am glad that the $1 billion project is being sited in the state to compensate His Excellency the Governor and the good people of the state,” he said.