By Sunday Elom
The 40mw Independent Power Plant (IPP) built by Ossiomo Power solely to supply 24 hours electricity to the Benin Industrial and Enterprise Park has led to an influx of investors to the multipurpose park.
Whereas 55mw Ossiomo Power plant has been operational since 2020, the new 40mw plant became operational on December 29, thereby increasing the generation capacity of Ossiomo Power to 95mw. The power plant also supplies electricity to Ologbo and Obayantor communities in Ikpoba Okha local government area of the State (Edo).
The managing director of Edo State Investment Promotion Office (ESIPO), Kelvin Uwaibi, told journalists that the state government has earmarked 100 hectares for the first phase of the multipurpose Park, which according to him, measures about 997-hectares.
Uwaibi said: “We are being inundated by inquiries from investors and are ready for those who want to set up shop as quickly as possible. We have a mix of investment incentives, even as we treat all inquiries on a case-by-case basis. A lot of people have approached us to set up factories and processing plants at the park and have shown commitment to see the investment through. These serious investors are getting the needed attention.
“We are very much open to investments in manufacturing as the Governor Godwin Obaseki-led administration has made it clear that the state is ripe to be a manufacturing hub. So, we invite more persons to invest in Edo.
“Already, enquiries we have received are for businesses interested in agro-processing, production of high-grade furniture, metal works and light manufacturing, among others. So, as a mix-purpose facility, we are open for business.”
Also speaking on the potentials of the power plant, a financial analyst and lecturer at the University of Benin, Ikpomwonsa Nosakhare, said that the new plant is a sufficient incentive for investors to locate in the park.
Nosakhare, who noted that power challenges constitute one of the major risks to investment in the country said, “We expect to see more companies trooping into the state as there is now a steady source of electricity, which is not constrained by the challenges of the national grid. I am sure this is also enough to unlock more private capital to boost the state’s real sector.”