Edo Sets Stage for Economic Boom with New Electricity Bill, Diaspora Agency

The Managing Director of Edo State Investment Promotion Office (ESIPO), Mr. Kelvin Uwaibi, has announced a groundbreaking development that promises to boost businesses, particularly in the manufacturing sector, in Edo State.

The Edo State House of Assembly has passed a bill to repeal the outdated Rural Electricity Board Law of 1972, establishing a modern electricity market for the state.

Speaking from his office in Benin City, Uwaibi commended the Speaker of the Edo State House of Assembly and his team for their dedicated efforts in fast-tracking the passage of these pivotal bills.

He emphasized the crucial role of the House of Assembly in creating a business-friendly environment, comparing it to the importance of security as a collective responsibility.

Uwaibi highlighted the significance of electricity for businesses and investment. He explained, “This is a big one for us as a state in terms of creating an enabling business environment. Electricity is key for businesses, and attracting investments hinges on having reliable power. This development will surely bolster investor confidence in our dear state.”

The repeal bill for the Rural Electricity Board Law will facilitate the provision of electricity, its generation, transmission, and distribution within and for the residents of Edo State.

Uwaibi underscored the positive impact this will have on expanding existing infrastructure such as the Ossiomo Electricity Power project, heralding it as a significant step forward for the state.

In addition to the electricity market bill, the Edo State House of Assembly also passed a bill to establish the Edo Diaspora Agency.

Uwaibi emphasized the strategic nature of this legislation, stating that it will enable the state to tap into the opportunities presented by Edo people in the diaspora, attracting investments from their talented and successful community members.

According to Uwaibi, “Edo people in the diaspora are excelling in various fields. As a state, we want to explore all the opportunities to encourage our people to invest in their home. We have many who are ready to invest once they are assured of an enabling environment. The House of Assembly’s focus on creating a robust regulatory environment is crucial. With the passage of these two bills, I am confident that positive transformations will soon unfold in the state’s business landscape.”