Ekiti Has Enjoyed Rapid Economic Growth in Three Years, Says Oyebanji

 

*Names new school after late former Speaker Afuye

*Minority Leader dumps SDP for APC

Ekiti State Governor, Mr. Biodun Oyebanji, has expressed satisfaction with the massive turnaround in the fortunes of the state since his assumption of office on October 16, 2022.

Governor Oyebanji said Ekiti has enjoyed rapid economic growth and a significant rise in all empirical indices, which has made the state a reference point among the comity of states in Nigeria.

The Governor made the remarks while presenting the annual State of the State Address at the Ekiti State House of Assembly in Ado-Ekiti on Thursday, during a special plenary to mark the third anniversary of his administration.

Oyebanji used the opportunity to express gratitude to President Bola Ahmed Tinubu for his massive support for Ekiti, which has enabled his administration to better the lot of the people of the state.

He also announced the naming of the new Ikere Ekiti Model College, built by his administration, after the late former Speaker of the Ekiti State House of Assembly, Rt. Hon. Funminiyi Afuye, who died on October 19, 2022.

During the special plenary presided over by the Speaker, Rt. Hon. Adeoye Aribasoye, the Assembly Minority Leader, Hon. Oladele Ogunsakin, formally announced his resignation from the Social Democratic Party (SDP) and officially joined the All Progressives Congress (APC), making the ruling party occupy all 26 seats in the House.

The State of the State Address offered the Governor another opportunity to render his account of stewardship to the lawmakers and the entire people of the state who elected them.

He spoke about the strides his administration has made in improving the standard of living of the people, projects executed so far, better welfare for civil servants and pensioners, employment of more citizens, and the strengthening of Micro, Small, and Medium Enterprises (MSMEs), among others.

He particularly noted that his administration is working assiduously to prevent a spillover of security threats from neighbouring states experiencing some challenges by proactively beefing up security in Ekiti.

Governor Oyebanji said Ekiti has made impressive progress across the six-pillar agenda of his administration, especially in the state economy, which has seen its contribution to the Gross Domestic Product (GDP) rise significantly.

He said: “The economy of Ekiti State continues to hold an exciting promise in all ramifications. A quick summary of Ekiti’s GDP performance from the recently released NBS report indicates that, overall, the state GDP moved from N2.4 trillion in 2019 to N4.6 trillion in 2023, a growth of 90%.

“This has moved Ekiti from the 33rd largest state to the 28th since the APC was given the mandate to govern the state. Similarly, our contribution to the national GDP grew from 1.3% to 1.6%. Apparently, our economy is largely driven by trade, which contributed N1.7 trillion (37%), and agriculture, which contributed N1.05 trillion (23%). Both sectors contribute 60% to the state’s economy.

“It is for this reason that we have intentionally given more attention to trade, investment, and agriculture, since they have proved to be our areas of comparative advantage.

“Another sector that is receiving the attention of our government is the Knowledge Economy, which holds the key to the economy of the future. Already, we have secured $80 million in funding from the African Development Bank in support of our vision for the Ekiti Knowledge Zone. Construction works will commence at the zone once all ongoing procurement processes are concluded.”

The Governor further pointed out that his administration’s investment in agriculture has positively impacted the state economy through the inflow of investments, generation of employment opportunities, improvement of food security, and sustenance of the agricultural value chain.

“Agriculture remains a vital sector in our shared prosperity agenda. Apart from being a major source of employment to millions of our people, it is also the second sector with the highest contribution to our GDP. More importantly, food security is human security, as it is said that a hungry man is an angry man.

“Our policies are geared towards massive cluster farming, food price reduction, harvest wastage elimination, and bringing new energy, innovation, and modern agricultural practices to farming. As a result, we have deliberately come up with incentives to bring the youths back to agriculture.

“To achieve large-scale farming, our administration has cleared up to 5,000 hectares of land for youths, communities, individual farmers, and cooperatives for intensive agricultural production.”

He disclosed that the State Agricultural Processing Zone is home to some big players in agric-value chains already generating hundreds of jobs. He added that the Ministry of Agriculture and Food Security, in partnership with YSJ Limited under a public-private partnership arrangement, is setting up soya oil bottling, rice, and shea butter processing facilities in Ikere-Ekiti.

Oyebanji reported that the Internally Generated Revenue (IGR) has grown from between N650 million and N700 million monthly, which he met on the ground in 2022, to over N2 billion monthly. This was made possible by institutional reorganization, digital transformation of tax administration, expansion of the tax net, improved business environment, and the autonomy of the Ekiti State Internal Revenue Service (EKIRS).

The Governor reiterated the commitment of his administration to the social contract with Ekiti people, noting that he and his team are in a hurry to ensure the speedy realization of the dream of rapid economic prosperity for all. He stressed his readiness to do his best to fulfill this aspiration amidst socio-economic challenges.

Earlier in his remarks, the Speaker, Rt. Hon. Adeoye Aribasoye, said the State of the State Address is in consonance with the State of the State Law passed by the Sixth Assembly and also in line with Section 108 (1) of the Constitution of the Federal Republic of Nigeria, 1999.

Aribasoye, who noted that the state benefits immensely from a working relationship between the Executive and the Legislature, also described the last three years as monumental because of the developmental strides already witnessed.

The Speaker said Ekiti State, which recently marked 29 years of its creation as a political entity, has grown in leaps and bounds, acknowledging the role played by the Governor as one of the agitators for its creation in his youthful days.

While affirming that the state has witnessed visible transformation in infrastructure, education, health, agriculture, and human capital development, which have significantly improved the living standards of the people, Aribasoye explained that the Governor has sustained the tradition of addressing Ekiti people through their representatives to render an account of stewardship.

Also at the event were the Deputy Governor, Chief (Mrs.) Monisade Afuye; Wife of the Governor, Dr. Olayemi Oyebanji; Chief Judge, Justice Lekan Ogunmoye; Secretary to the State Government, Prof. Habibat Adubiaro; Head of Service, Dr. (Mrs.) Folakemi Olomojobi; Chief of Staff, Mr. Niyi Adebayo; members of the State Executive Council; and royal fathers and community leaders, among others.