Governor Biodun Oyebanji of Ekiti State has expressed satisfaction with the economic turnaround and progress achieved in the state since he took office on October 16, 2022.
He said this while delivering his annual state of the state address during a special plenary session at the state House of Assembly in Ado-Ekiti to mark his administration’s third anniversary.
Oyebanji stated that the state has experienced rapid economic growth and a notable increase across all empirical indicators, establishing it as a reference point among Nigerian states.
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Oyebanji highlighted significant economic advances, noting that the state’s Gross Domestic Product (GDP) increased by 90%, rising from N2.4 trillion in 2019 to N4.6 trillion in 2023.
This growth has moved Ekiti from the 33rd to the 28th largest state economy in Nigeria, with its contribution to the national GDP increasing from 1.3% to 1.6%.
He attributed 60% of the state’s economic activity to trade (N1.7 trillion) and agriculture (N1.05 trillion), noting the intentional focus on these sectors.
The governor also announced a significant surge in the state’s Internally Generated Revenue (IGR), which has grown from between N650 million and N700 million monthly in 2022 to over N2 billion monthly, following institutional reorganization and digital tax administration.
In a key announcement, the governor disclosed that the new Ikere Ekiti Model College built by his administration would be named after the late former Speaker Funminiyi Afuye, who passed away on October 19, 2022.
During the special plenary, presided over by the Speaker, Adeoye Aribasoye, the Assembly Minority Leader, Oladele Ogunsakin defected from the Social Democratic Party (SDP) to the All Progressives Congress (APC).
This move results in the APC now occupying all 26 seats in the State House of Assembly.
Oyebanji used the opportunity to render an account of his stewardship, detailing strides in improving living standards, executing projects, enhancing civil servant and pensioner welfare, employment generation, and strengthening Micro, Small, and Medium Enterprises (MSMEs).
He specifically mentioned proactive measures to boost the state’s security and prevent spillover challenges from neighboring states.
He highlighted major investments, including securing an $80 million funding from the African Development Bank for the Ekiti Knowledge Zone, with construction set to begin soon.
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He also noted that his administration has cleared up to 5,000 hectares of land for cluster farming and disclosed that the State Agricultural Processing Zone is already generating hundreds of jobs.
Earlier, Aribasoye noted that the address was in line with the State of the State Law and the Nigerian Constitution, praising the “monumental” developmental strides witnessed in the past three years due to the working relationship between the Executive and the Legislature.
