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INVESTMENT OPPORTUNITIES IN EDO STATE

Edo State is located in the South-South geo political zone of Nigeria. It is


believed to cover a geographical area of some 17,450 sq km with an
average population size of some 4 million people and an annual growth
rate of some 2-8%. The state is largely made up of the Binus, Ishans,
Estakos, Owans, Akoko Edos and several other minority ethic groups. The
Edos are a highly religious people where several religious faiths abound
including The African Traditional Religious, Christianity and the Islamic
faiths. Edo state like many other Nigerian States is rich in natural
resources and other minerals yet there is the huge dependency on the
fluctuating and volatile oil exploration.
As the HEARTBEAT OF THE NATION it cannot be surprising that substantial
portion of natural endowments that made Nigeria a potential great nation
can be found in the state. Any serious investor does not need to look far
to discover that the state is an investment haven. Geographically the
state is positioned in such a way that it shares from the two vegetational
belts in Nigeria namely the forest belt of the south, and the Guinea
Savannah of the North. This accounts for the rare mix in terms of types of
minerals and agricultural products found in the state.

MINERAL RESOURCES
1. Limestone: The long list of mineral resources found in the state includes
limestone, which could be located in the Esako, Esan West and Owan
areas of the state. The mineral is the key raw material in the production of
cement. It also finds application in the manufacture of paint, fertilizer,
steel, glass among others. It is found in sufficient quantity capable of
supporting medium and even large scale industries.
2. Clay: This is another mineral closely related to limestone in terms of
application to industrial uses. It is chiefly used in the manufacture of

ceramics, chinaware, tiles and roofing sheets. It is available in large


quantities in Esako, Owan and Ovia areas of the state.
3. Gypsum: Also to be found in Esako and Owan is another important
component in building industry. Gypsum is used in the production of
cement and ancillary products.
4. Crude Oil: This is a key mineral for the extraction of petroleum products
which includes premium motor spirit (PMS), high pour fuel oil (HPFO),
kerosene, associated gas oil etc. It is found in Ovia, Oredo and
Orhionmwon areas of Edo state. It is interesting to note that apart from
petroleum products that can be directly obtained by processing crude oil,
the bye-products of this production process finds commercial application
in the manufacture of cosmetics, plastic products, fertilizer, paints and
chemicals.
5. Bitumen, Gravels and Granite: These minerals which are variously used
in building and road construction are found in commercial quantities in
Ovia, Esako, Akoko-Edo and Owan parts of the state. Infact Edo state
supplies substantial portion of national requirement of these products.
6. Others: The state also boasts of huge reservoirs of marble, kaolin,
calcium, gold, mica-uranium, sandstone and spring water.
It is important to note that investors can take advantage of these natural
resources by participating in their exploitation or setting up industries that
use them as raw materials. Opportunities exist for both large scale and
small-scale investors.

AGRICULTURAL RESOURCES
Edo state is basically an agrarian state. The climate, with balanced mix of
wet and dry seasons, is conducive for agricultural production. Infact, it is
said that the state has what it takes to feed the entire nation in terms of

food products. The state is also one of the key centres of agro-based raw
materials in Nigeria.
A few examples include:
1. Cassava: Recently the Federal Government launched an initiative aimed
at consolidating Nigerias position as the largest producer of cassava in
the whole world. Also included as part of the package is a research into
some possible industrial linkages that would lead to making the cassava a
key export product in no distant future.
Cassava is presently used in the production of garri, industrial starch,
alcohol, blended with wheat to produce bread and animal feed. This is one
product that is found throughout the state and would support all sizes of
investors. An investor is assured of relatively cheap and stable source of
raw material in Edo state. Opportunities also exist for large scale farming
of cassava.
2. Rice: Rice is a staple food in Nigeria. Local demand is reported to be far in
excess of supply; hence enormous foreign exchange is expended annually
in its importation. Apart from direct consumption, it can be used in making
of cake, alcoholic beverages and animal feeds. With the kind of potential
in states like Edo, Ebonyi, Cross River among others, Nigeria have no
business importing rice.
All the Local Government in Etsako, Esan and Owan areas of the state are
centres of rice production. But like in other areas of deficiency, farming is
currently organized more at subsistence level. A more mechanized, largescale approach is required.
3. Palm Products: This is another farm product that is found in virtually
every part of Edo state. It is also one product Nigeria have not fully
explored in terms of usefulness. It is said that every part of the palm
product finds application either domestically or industrially. Infact, a
farmer never losses when it comes to palm products. Palm oil is used in
every home for food preparation. It is used in the industry for manufacture

of cosmetics, drugs etc. The same applies to palm kernel which also finds
application in the manufacture of animal feeds, fibre etc. The palm wine is
a natural beverage which can also be bottled and sold in domestic and
foreign markets. Even the palm fronds and the tree itself can be locally
applied in a number of domestic uses.
Again, opportunities exist for large scale farming of palm products and
investments that use them as raw materials. In fact the palm derivatives
are some of the most popular agro-allied businesses among small and
medium scale investors in Nigeria.
4. Cocoa: Edo state is rich in the production of cocoa, with all areas of Esan,
Owan, Orhionmwon, Akoko-Edo, Ovia and Uhunmwode deeply involved.
This product is perhaps the single most important ingredient in most
beverages used in Nigeria today. It is also used in the cosmetics industry.
It is not only used in Nigeria, it is an international agricultural commodity
which finds ready export market all year round. As a matter of fact,
deregulation of foreign exchange market has made a number of local
Cocoa farmers millionaires through cocoa export. But industry demand for
the product is also high.
Interestingly the technology for cocoa processing into beverages is not
extremely complex. Hence small and medium scale investors can find the
cocoa farmer in Edo state a worthy ally.
5. Fruits, Groundnuts, Plantain, Pineapple, Yam, Vegetables, Tomatoes,
Cashew etc are other agricultural products found in abundance in various
parts of the state. Each of these items is either used for domestic and/or
industrial consumption. Apart from areas of opportunity highlighted
above, it should be pointed out that farmers presently find it difficult
preserving these products and transporting them to various markets. An
investor can therefore participate as a farmer, agro-allied manufacturer,
preserver, transporter, funds provider etc.

6. Rubber: Edo state is perhaps the No. 1 producer of Rubber in Nigeria. The
tree is grown principally in Esan areas, Oredo, Uhunmwode, Ovia and
Owan. The raw rubber can be made into limps, crumps and surgical
gloves. It is also used in the making of industrial shoes, tyres, gums etc.
7. Timber: Another product in which the state is a leading producer in
Nigeria is timber. It comes in different varieties, which are found in all
parts of the state. Timber is used in one form or the other in homes and
industries. Specifically, it is used in making furniture, paper and pulp, saw
dust, adhesives, herbal roof and leaves. Timber is an important foreign
exchange earner for the country.
It is interesting to note that the availability of these minerals and
agricultural products have attracted so many industries. A report by the
ministry of Commerce and Industry shows that majority of them are doing
very well. But because of the existence of abundance of natural resources,
it is like a drop of salt in the Ocean.
Another largely unexplored resource in Edo state is the tourism
potential and historical land marks that stood Benin Empire apart
even before the arrival of colonial powers. The palace of the Oba is a
tourist haven, which never ceases to amaze tourists with an array of
Ebony and Ivory Caving. Other such sites include Somorika Hills which is
about 2202 feet above sea level, Okomu Wildlife sanctuary, Oghodogbodo
cave, Ogba zoo, National museum, the Benin Moat, Queen Emotan Statute
etc.
In realization of the huge gap existing in the development and utilization
of these natural resources, the Edo state government has been actively
canvassing for investors, both foreign and local.
However, the actual challenge of exploiting these opportunities lies with
the private sectors and they can only take up this challenge if
infrastructure is available, if government is able to provide adequate
incentives and if ready financing is available.

The proposed office is expected to serve numerous purposes. The


principal purpose is to use the office(s) to showcase the potentials of
the state to the outside world.
Since the state is highly resourceful in many areas such as the
manufacturing, oil exploration, solid minerals exploration, agriculture,
sports as well as tourism to mention but a few, investment is expected
to be attracted to these various areas.
Many of the investors that come to Nigeria, most of the time, limit their
visit and business meetings to major cities such as Lagos and Abuja. It
becomes appropriate to establish the proposed office in such cities in
order to capture the interest of the investors towards the state. The
proposed office can be named EDO INVESTMENT HAVEN.
The office should be designed to portray the cultural heritage of the
state with ample space to display samples of material potentials of the
state. The samples of product to be on display in the office are:

All agricultural products


All mineral resources
The carvings/cultural dresses
Photographs of notable kings, past indigenous leades and sport
personalties

With all these materials properly arranged in the office, then trade
exhibitions can be arranged twice a year. This will be well publicised to
attract foreign investors, sons and daughters of the state in Diaspora.
An active and interactive internet will be set up that will be updated on a
daily basis to give investors up to date information on the investment
potentials in the state.

During the exhibitions, arrangement will be made to convey investors to


main sites in Edo state in order for them to have a glimpse, first hand of
the investment potentials of the state.
The office will also be used to attract and keep the data of the state
indigenes in diaspora in order to appeal to them to come back home and
invest. Once a year, a trade mission can be organised in the major cities
of the world outside Nigeria where Edo indigenes reside in large number.

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