Ekiti Government to grow 75% of State’s GDP via agricultural, manufacturing, mining, trade and tourism sectors

His Excellency, the Governor of Ekiti State, Dr. Kayode Fayemi and his team visit The Exchange to builds awareness and attracts local and international investors, wish to partner with the State and its agencies to achieve the benefits of privatisation of its state owned enterprises and other initiatives of both entities across various sectors.

L – R shows Otunba Abimbola Ogunbanjo, National Council President, The Nigerian Stock Exchange (NSE); His Excellency, Dr. Olukayode Fayemi, CON, Executive Governor of Ekiti State and Oscar N. Onyema, OON, Chief Executive Officer, NSE  during the  presentation of the replica of the NSE Closing Gong at the Facts Behind the State Economy  presentation at the Exchange today in Lagos.

 

Governor Fayemi stated that it is my hope that this interactive session of Facts Behind the State Economy will create the strategic in-roads for:

– the developmental needs of the state and benefit of the good people of Ekiti State can tapped from innovative capital market solutions; as well as

– collaboration and support between Ekiti State, the Nigerian Stock Exchange and the capital market community.

 

 

The governor has reform-minded approach in managing the economy of Ekiti State with strategies towards revitalising the agricultural, manufacturing, mining, trade and tourism sectors, which together account for 75% of the state’s gross domestic product (GDP) are also commendable.

 

For instance, the state can increased the proportion of capital spending in the 2019 budget to 44% from 31% in 2018; and channelled budgetary resources towards pro-growth projects in these sectors such as the:

  • development of a land bank for the state;
  • establishment of one-stop investment promotion centre and enterprise zone industrial clusters;
  • widespread road constructions, electrification and ICT infrastructure; as well as
  • rehabilitation of Fountain Hotels and commencement of an Ekiti State Airport project.

 

The Chief Executive of the Nigerian Stock Exchange Oscar Onyema said that at The Exchange, we recognize 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. We have been longstanding partners with Ekiti State in accessing such capital.

L – R shows Mr. Kayode Falowo, Group Managing Director/CEO, Greenwich Trust Limited; Oscar N. Onyema, OON, Chief Executive Officer, The Nigerian Stock Exchange (NSE); His Excellency, Dr. Olukayode Fayemi, CON, Executive Governor of Ekiti State; Otunba Abimbola Ogunbanjo, National Council President, The Nigerian Stock Exchange (NSE); Erelu Angela Adebayo, National Council Member, NSE; Mr. Abubakar Balarabe Mahmoud, SAN, OON  during the Closing Gong Ceremony in commemoration of the Facts Behind the State Economy presentation at the Exchange today in Lagos.

Oyema pointed out that your Excellency would recall that during your previous term in office between 2010 and 2014, The Exchange supported the issuance and listing of the N20 billion Fixed Rate Infrastructure Development Bond, which financed a number of projects including the Ikogosi warm spring redevelopment, the Ekiti Water Works construction, as well as the refinancing of high-interest borrowings by the state.  In that time frame, the Ekiti economy expanded by over 63% in nominal terms to become a trillion naira economy, according to data from the National Bureau of Statistics. The State also recorded a 15% improvement in terms of the enabling business environment assessments by the World Bank.

 

“Today, The Exchange is even more strategically positioned, having transformed into a multi-asset class exchange hub, to further support the developmental goals of Ekiti State in unlocking significant investment value through the listing of public utilities and state-owned enterprises, issuance of subnational bonds, as well as promoting the knowledge economy within the state in terms of public sector capacity building through our technology based learning management system – the NSE X-Academy.

 

“We have also convened key players in our capital market ecosystem – our top dealing member firms and a cross-section of our listed companies – as a way of bringing interested parties closer to the investment prospects of vibrant state economy because we realise that the ambitions of the State and the capital market are inextricably linked.

 

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