Vice President Yemi Osinbajo on Saturday performed the groundbreaking ceremony of the N200 billion Benin Industrial Park at Iyanomo, Ikpoba Okha Local Government Area of Edo State.

Speaking at the event, Prof. Osinbajo said that the park would create 170, 000 direct and indirect jobs and would contribute significantly to the country's manufacturing sector.

He commended the Governor of Edo State, Mr Godwin Obaseki for the huge public-private investment initiative and said: "This is what the country has been waiting for to take us to the height that we desire. Several other countries have embarked on this line of industry and succeeded. If we put in the same effort as them, we will also excel.”

The Vice President further said: "This strategy has been adopted in some Asian countries and they have achieved economic growth, diversified their economy, and are now exporters of consumer goods.”

He expressed optimism that the industrial park would not only lead to job creation but bring down the cost of goods and services in the state and country at large, change the face of the Nigerian economy and unleash its industrial potential.

He assured of the federal government’s readiness to support the project and see to its completion.

Earlier, Obaseki had said that the park at Iyanomo is the first in the series of parks his administration intends to establish in the state to make Edo an Industrial hub.

The governor said that the park, which is a public-private partnership initiative was designed by Mahindra Engineering and would conform to 21st Century standard.

“I promised that if I become the governor of Edo State I will create the enabling environment for businesses to thrive and improve the quality of lives of our people. Our goal to industrialise Edo is already yielding results and our hope is to create employment for thousands of people in the state.”

He said that the gas that will power the industrial park already exists within the park's location and assured that the park would be built within 12 months.

The Governor commended the Federal Government for its relentless commitment to the industrialisation of the state, saying that the private sector would contribute about 74 percent share of investments to the industrial park.

The event was chaired by the Benin Monarch, Omo N’ Oba N’ Edo Uku Akpolokpolo, Oba Ewuare II.

Commissioner for Wealth Creation, Cooperatives and Employment, Emmanuel Usoh said the development of the industrial park would assist in the formation of industrial clusters that will serve as incubation centres for new businesses.

•Photo shows,L-R; Omo N’ Oba N’ Edo Uku Akpolokpolo, Oba Ewuare II; former Governor of Edo State, Comrade Adams Oshiomhole; Vice President, Yemi Osinbajo; Governor of Edo State, Mr. Godwin Obaseki and Minister of State for Health, Dr. Osagie Ehanire at the ground-breaking ceremony of Benin Industrial Park (PIB) at Iyanomo, Ikpoba Okha Local Government Area, Edo State, on Saturday, November 11, 2017.