Fayemi urges investors to see Ekiti State as destination of choice

Kayode Fayemi, Governor Ekiti State said his administration would introduce relevant policies and legislations that would help the state emerge top three states in the country in ease of doing business.

Fayemi stated this in Lagos during a “Facts Behind the State Economy” presentation at the Nigerian Stock Exchange (NSE).

He added that Ekiti State will continue to partner with the Exchange to grow the economy, while asking more companies and individuals to see Ekiti as a destination of choice for investment.

He noted that the state had a long history of partnership with NSE, adding that the bond Ekiti earlier raised had been fully repaid.

On the ease of doing business, the governor said that the State which formally ranked 4th before he left office in 2014 later moved down to number 32.

He reassured investors that his administration was working very hard to bring it back to top three by putting in place relevant policies and legislations to improve ease of doing business.

Fayemi also the Chairman, the Nigerian Governors Forum (NGF), said that the state was also committed to creating a conducive environment for investors and businesses. He stressed the need to adopt a comprehensive response mechanism that would tackle the increasing poverty level and inequality in the society to curb insecurity in Nigeria.

He said that security in the state has improved, stating that the government was collaborating with neighbouring states to ensure the state get rid of criminals and bandits to end the menace of kidnapping.

“We have renewed our focus on peace and security, which is the foundation of any economic development; and started investing in developing the infrastructure required to make Ekiti State a competitive destination for business.

We are quite concerned about the increasing spate of violence against ordinary citizens and it is the duty of the government to provide security and welfare of the citizens.

“The steps we have taken since we assumed office is to work in collaboration with our neighbouring states because those things just cut across, particularly as it affects kidnapping and banditry to make the highways safe,” the governor said.

According to Feyemi, government social investment programmes need to be expanded and made more effective to create jobs for the youths.

He added that government cannot create jobs in massive terms without the collaboration of private sector.

“It is the private sector that could fly that process but we have the duty to make the climate and condition for job creation available for the private sector to thrive”.

“We have also passed the Law establishing the Ekiti State Development and Investment Promotion Agency (EKDIPA).

“Once the agency commences full operations, it will drive our Ease of Doing Business reforms, and provide investors with a one-stop shop to deal with investment related matters,” Fayemi said.

He said that the state’s focus on agriculture, especially a Special Agric Processing Zone, would not only improve the productivity of farmers, but also provide the infrastructure required for processing activities.

“Already, the market is responding to our approach, and we expect to close a partnership on the currently unutilized Ikun Dairy Farm, with a leading dairy company in Nigeria soon.

“Our belief is that Ekiti is ready for more of such investments, and we are available to answer questions on the investment opportunities that exist,” the governor said.

He noted that the state’s tourism assets also provide significant investment opportunities.

Fayemi said that at the appropriate time the state would seek investors for some its existing assets, as well as several Greenfield opportunities.

“This will be complemented by a clear strategy on attracting business, recreational and medical/wellness tourists to Ekiti State,” he said.

Oscar Onyema, NSE Chief Executive Officer, commended the governor for his reform-minded leadership in Ekiti State.

Onyema said that the governor was committed to grassroots development which was positively impacting the lives of citizens of the state.

“We acknowledge your Excellency’s progressive leadership and reform-minded approach in managing the economy of Ekiti State.

“Your strategies towards revitalising the agricultural, manufacturing, mining, trade and tourism sectors, which together account for 75 per cent of the state’s gross domestic product (GDP) are also commendable.

“For instance, you have increased the proportion of capital spending in the 2019 budget to 44 per cent from 31 per cent in 2018; and channelled budgetary resources towards pro-growth projects.

“We recognise that to build a sustainable economy for the estimated 3.5 million citizens of Ekiti State, supported by vibrant sectors, both state-owned and private sector enterprises will require access to right-sized capital,” Onyema.