October 25, (THEWILL) – Ekiti State in the Southwest region of Nigeria was created on 1 October 1996. It was carved out of old Ondo state with Ado-Ekiti as the capital and major city. It lies in the Yoruba Hills, at the intersection of roads from Azure, Ilawe Ekiti, Ilesha, Ila-Orangun, Ikare, and is situated 92 miles (148 km) east of Ibadan. The state is mainly an upland zone, rising over 250 meters above sea level. Ekiti has a tropical climate with two distinct seasons — rainy (April–October) and dry (November–March) seasons.
Temperature ranges between 21° and 28 °C with high humidity. The south westerly wind and the northeast trade winds blow in the rainy and dry (Harmatan) seasons respectively. Tropical forest exists in the south, while Savannah occupies the northern peripheries.
The people’s major source of livelihood is Agriculture while its major cash crops are cocoa and timber. Other produce are yams, cassava, corn (maize), rice and kolanut. The state is also known for the tradition of cotton weaving and pottery.
FACT-FILE:
Local government: 16
Land Area: 2,453sq mi.
Population: 3.15million @ 2019
Registered business: 407
Public Primary School: 878 @ 2020
Public Secondary School: 145 circa
University: (3) Federal – 1, state – 1, private 1
Polytechnic: (3) Federal – 1, private – 2
College of Education: (2) Federal -1, state – 1
College of Agriculture: (2) Federal -1, state – 1
Nursing School: (5) Federal – 1, state – 3, private – 1
College of Health Technology: (2) Federal – 1, state – 1
Technical School: (3) Federal -1, state -2
Total revenue: N48.23bn @ 2020
Total tax: N6.42bn @ 2020
IGR: N8.71bn @ 2020 (17.07% of total revenue)
FAAC: N39.52bn @ 2020 (81.93%) of total revenue)
Domestic Debt: N84.72bn @ 2020
External Debt: $103.03m @ 2020
Unemployment rate: 28% @ 2021
Natural Resources
The state natural resources includes aquamarine, gold, gemstones, limestone, phosphate, iron ore, granite, baryte, cassiterite, columbite, tantalite, ceramic (ball) clay, kaolinite clays, tin ore, bauxite, charconite, granite and tourmaline among others.
Tourist Sites:
Tourist sites in Ekiti include Fajuyi memorial park, Ado Ekiti; Ikogosi warm spring; Olosunta Hills; Iworoko Mountains; Ikere Ekiti Hills; Efon Alaiye Hills; Ipole-Iloro Waterfalls.
Broadening Horizon:
The state is launching into rapid development in Agro-industrial activities and the knowledge economy. It renewed the call for investment in Agriculture when it marked its 30th anniversary recently.
Having established the enabling environment for business, Ekiti is getting encouraging responses for private partnership in many sectors.
To separate action from mere words, the government has regularized the title holdings of many investors in the state. Some investors such as Stallion Group have been issued a Certificate of Occupancy (C of O) for a $10 million rice mill in Ado-Ekiti. Soon to follow are Dangote Group – $5 million Mill within the same location, FMS Farms $10 million starch processing plant, cassava farm already in operation in Ikole LGA and Promise Point $15 million starch processing facility.
Earlier, Promasidor invested $5 million to acquire and renovate the moribund Ikun Dairy Farm to commence operation, while JMK Foods is investing $5 million for a rice mill in the State.
The State is developing two special economic zones for Agro-Industrial activities and the Knowledge economy
The recent reduction in Right of Way charges for telecommunication infrastructure was done to complement the planned Knowledge Zone; and to demonstrate a commitment to the digital economy.
The Knowledge Zone will be anchored around talent produced by universities in Ekiti and its neighbouring states; a well-planned mini-city with residential housing and offices; and reliable infrastructure, especially power and broadband.
Ekiti Now an Attractive Destination for Investment – Fayemi
Ekiti State held its inaugural Economic Development and Investment Summit recently attended by Nigerian and foreign-based investors. The Governor, Dr Kayode Fayemi said he took the gauntlet in attracting private investment to breathe life into the local economy, make the state less dependent on the federal allocation and also shore up the Internally Generated Revenue.
He disclosed that work is ongoing on the Ekiti Agro Cargo Airport which he pledged would be inaugurated by this time next year to stimulate more investment and provide an opportunity for marketing products within and outside the country.
Dr Fayemi said: “Our solution to reduce the dependence of Ekiti State on federally distributed revenues, is to enable private enterprise to thrive, by making the state an attractive destination for investors.
“Today, I am pleased to note that our weakest section, enforcement of contracts, has been addressed by the collaborative efforts of the Judiciary, Legislature, our Ministry of Justice, and EKDIPA. We have also made significant progress with our Ekiti Knowledge Zone, Special Agro-Industrial Processing Zone, and Cargo Airport projects, which are all designed to increase economic activity in the State.
“We have started construction of the airport, and expect it to be completed by this time next year. We have also received a grant of $250,000 from the African Development Bank to prepare a full feasibility study for Ekiti Knowledge Zone and should announce an anchor investor and partner for the project before the end of this year. Our agro-industrial processing zone is already occupied, and we expect additional occupants over the next few months.”
Among the investment infrastructure highlighted at the event are transportation and logistics with defined targets such as achieving remarkable increase in competitiveness index, trade flows between Ekiti and neighbouring states, economic integration and enhanced globalisation processes, level of productivity and accessibility of the state to ready market.
Challenging Factors: Insecurity, poor road network, extortion by local government officials, poor electricity supply, chains of traditional rulers to ‘settle’.
*** BY SAM DIALA & OLAYEMI SHABA
About the Author
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
