Trade, investment IGR rises by 400% in 4 months- Enugu Commissioner

The Enugu State Commissioner for Trade, Investment and Industry, Mrs Adaora Chukwu says the ministry increased its Internally Generated Revenue (IGR), by 400 per cent in the first quarter of 2024.

Chukwu disclosed this during a Media Chat with our correspondent on Friday in Enugu.

The Commissioner said the ministry generated N86 million between January and April, 2024 representing 400 per cent increase compared to the N28 million generated in the same period in 2023.

Chukwu said the money was generated from taxes from business premises and other permits.

She said other sources of revenue would come from investments, equity, and cash flow, adding that the ministry was working hard to revive and activate non operational assets in the state which would generate more revenue.

Chukwu, who described the ministry as ‘unique’, said its strategic objective was to create an enabling environment and ensure security for investors.

“We designed a roadmap for investment opportunities in the state and came up with the way of de-risking investment, having launched an aggressive investment promotion campaign to attract investors across the sectors.

“We engaged with investors and today we are seeing remarkable results as we witnessed significant results in our investment in infrastructure space.

“In transport, we are about to secure some commitment from developers and investors to help complete the International Airport aimed at making Enugu State the regional hub for export.

“Apart from this, we decided to build a cargo terminal and are currently in discussion with the apex bank to help us build the Quality Assurance Centre to standardise all the export commodities from Enugu State,” Chukwu said.

On agriculture, she said the state was moving from an agrarian economy to a more industrialised economy and had secured investment in setting up Agro Processing Zone.

According to her, the Agro Processing Zone will kick off either the last quarter of 2024 or first quarter of 2025.

“The state also secured investments in the United Palm Ltd targeted at reviving the non -operational assets and expanding their value chain in agriculture.

Contract has been awarded for its revitalization.

“In the hospitality sector, we have secured investment to revive moribund assets like the Presidential Hotel and also awarded contracts to complete the International Conference Centre with a five star hotel to promote tourism.

“Imagine completing the International Airport, an international flight coming in and you have all these facilities.

“In Energy space, we are also trying to activate the dormant assets like coal mines as well as natural gas as we are engaging some investors to help us revitalise them,” she stated.

Speaking on tax policy, Chukwu added that the administration streamlined revenue generation by harmonising demand notices, “where my ministry, Board of Internal Revenue, ESWAMA are now on one demand notice”.