The Edo State Government is actively seeking strong collaboration from stakeholders in the pharmaceutical industry to establish a state-of-the-art pharma park. This initiative aims to promote the manufacturing of drugs and active pharmaceutical ingredients within the state.
Mr. Kelvin Uwaibi, the Managing Director of the Edo State Investment Promotion Office (ESIPO) and Ease of Doing Business Secretariat, made this appeal during the opening ceremony of the Pharmacy Week 2022 in Benin City.
Edo State envisions a pharma park that will serve as a dedicated hub for drug manufacturers and active pharmaceutical ingredient producers. Uwaibi expressed the government’s commitment to supporting pharmaceutical businesses and invited input from industry professionals on the best approach to achieving this goal.
He emphasized the importance of collaboration, stating, “We want Edo to be a hub for medical tourism. You are the professionals in the field. Let us know how best things can work.”
During the plenary session, concerns were raised by pharmacists regarding double taxation. Uwaibi acknowledged these concerns and assured the audience that tax harmonization was nearing completion, with approximately 90 percent progress made. He commended the Edo State Internally Generated Revenue Service (EIRS) for its efforts in this regard.
Mr. Christopher Ehi Omondiagbe, the State Manager of the Bank of Industry (BoI) in Edo State, lauded the Edo State Government for revitalizing its relationship with the bank. He highlighted the government’s support in facilitating access to funds for businesses, with a reduced interest rate of 5 percent per annum, down from the previous 10 percent.
Omondiagbe also mentioned that the state government had provided an office space for the bank in the Edo Production Center free of charge, further demonstrating the administration’s dedication to driving economic growth in the state.
