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Finance

Edo state Alaghodaro Summit sets eyes on $6 billion Diaspora inflow as it rallies investors

Edo State will, on Friday, November 12, 2021, during the Alaghodaro Summit bring together investors from across the globe to chart a path towards establishing a structure to tap into the $6bn inflow from Diaspora remittances

Obaseki Edo state

The move is part of the Edo state government’s efforts at engendering inclusive growth and accelerating development in the state.

Managing Director, Edo State Investment Promotion Office (ESIPO), Kelvin Uwaibi, in a chat with journalists in Benin City, said this year’s Alaghodaro Summit would harness opportunities for the setup of the Edo State Diaspora Commission in a bid to ensure a more coordinated approach in relating with the state’s active Diaspora population.

Noting that the State has a lot to offer to its indigenes in Diaspora, Uwaibi said, “Edo people in Diaspora are doing excellently well in all walks of life, hence the need to attract the Diaspora investors into the state. This, among other measures to attract investment into Edo, would be the focal point of this year’s Alaghodaro with the theme, ‘Edo of Our Dreams: Building a Sustainable Future.’

“We are very big in the Diaspora. In 2017, the World Bank report showed that Diaspora remittance was $22 billion. Analysis showed that Edo’s share may have been $6 billion. Hence, Edo in Diaspora plays hugely in the economic growth of the state. We want to harness the capacity of our Diaspora; we are creating a Diaspora commission very soon. That will strengthen our relationship with the Diaspora.”

Uwaifo further stated: “ESIPO is into facilitation of investments. The office makes processes seamless for investors. Part of our vision is to make Edo State a preferred destination for investors, working hard to create an enabling environment for investors. We are very focused on facilitation of investments.

“This year’s Alaghodaro will be another opportunity to showcase investment opportunities in the state and impact years of opening up the state’s economy for private sector participation by the Governor Godwin Obaseki-led administration, with a view to attracting more investments into the state.”

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