International industrialists including the Mahindra Group of India, Tolaram Group from Singapore and Dangote are set to showcase their over $1.5bn investment outlay in Edo state.
According to the Edo state government, the companies will be storming Edo with their partners at the Edo State Investment Summit tagged Alaghodaro 2017, which will hold from November 10 to 12, at Edo Hotels, Benin City, the state capital.
The companies are billed to share their experiences, prospects and insights from investing in critical sectors of the state such as agro industries, manufacturing and human capital.
The three day summit is christened Alaghodaro which means progress and will host business leaders, investors, bankers, financiers, industry experts, policymakers, among others to engage, discuss and explore Edo’s rich potential across various sectors.
The Dangote Group proposes extensive investment in cement manufacturing in Okpella axis of the state estimated at over $1bn, which is strategic to extending the frontiers of the conglomerate in southern Nigerian.
The plant is expected to take advantage of Edo’s strategic location as a logistics hub linking eastern, northern and western parts of the country, in moving its finished products across the country. The state’s massive limestone deposit is also a major consideration for investments in cement manufacturing.
The Mahindra Group is partnering with the state government in building the Edo Industrial Park, on which major industralisation efforts in the state would be anchored.
The Industrial Park will be situated at Ologbo in Ikpoba Okha Local Government Area of the state, and would serve as a hub to train human capital and engage major industries in the state. The implementation plan is said to have been concluded and submitted to the state government.
On its part, Tolaram Group will, at the summit, showcase its over $50m agro-allied investment outlay, which covers oil palm, cassava to feed processing plant, expected to create 50,000 jobs across the state.
Chairman of Alaghodaro 2017, Asue Ighodalo, said the summit is a deliberate move by the state government to steer off heavy dependence on oil money, noting that the state intends to get investors to buy into its ideas and programmes aimed at guaranteeing a better future Edo and its people.
According to him, “The world over, governments are looking beyond oil to alternative revenue sources in order to ensure sustainable development, and we must also get creative and take action today for our future and the future of our children.
The summit would foster knowledge sharing, and provide avenue to build relationships, spark innovation and inspire commitment to strategic deployment of private capital for greater socio-economic impact.