Ekiti Gov’t Secures $200 Million Loan From World Bank

Governor Biodun Oyebanji‘s led government of Ekiti State has successfully secured funding exceeding $200 million from the World Bank to facilitate comprehensive economic development within the state.

This development was disclosed by the Country Director of the bank, Dr Ndiame Diop.

Speaking during an official meeting with Governor Oyebanji, earlier this week, Diop mentioned that a substantial portion of the funds, amounting to $60 million, has already been allocated to crucial projects aimed at advancing the state’s development.

Naija News understands that the allocated funds are designated for eight distinct projects, underscoring the importance of enhanced collaboration among various Ministries, Departments, and Agencies (MDAs) to ensure the successful implementation of these initiatives.

Governor Oyebanji, in a strategic gathering with Heads of Development Agencies at the Transcorp Hilton in Abuja, expressed his commitment to fostering stronger partnerships with both local and international development organizations to drive holistic economic growth in the state.

He emphasized that through effective partnerships and collaboration, the state’s development objectives can be significantly expedited by leveraging cooperation and resource sharing.

Governor Oyebanji further highlighted Ekiti State’s commitment to transparency, accountability, and reform-oriented governance to cultivate trust among stakeholders and ensure the efficient execution of development projects.

He reiterated his administration’s resolve to leverage collaborations, garner essential support, and mobilize resources to propel progress in key sectors of the state’s economy, including infrastructure, agriculture, healthcare, and education, among others.

Pointing out a series of changes implemented by his government to foster an environment friendly for investment, the governor highlighted Ekiti’s leading role in the transparency rankings, along with its status as the most secure state in the nation, making it an attractive setting for commercial activities.

He mentioned that his government is deliberate in its approach to fulfilling the state’s 30-year development strategy through cooperation and partnership with both national and international development allies.

Oyebanji Woos Investors

While urging development partners to view Ekiti State as their forthcoming investment target, and to capitalize on the state’s abundant opportunities and benefits, Oyebanji stated that the state is receptive to business ventures and keen on collaborating with investors who align with the state’s goal of achieving sustainable growth and development.

The Governor said, “We are a government that is reform-minded, transparent, we are accountable and I’m leading a team that is competent and committed to the mandate of this administration.

“Everything we are doing in Ekiti is already planned for. We know the track we are following, we know the step we have taken, and we are trying our best within the available resources as a state, but we know that we have the capacity and ability to do more, and that is why we have invited you here today to say, please handhold us in areas where your institutions can partner and collaborate with us. Let us work together so that we can deliver good governance to the people of Ekiti State.

“We tick all boxes in transparency, we have a regulatory instrument in the state that ensures that we deliver on projects, and for those of you that have one program or the other in Ekiti, you will know that we adhere strictly to protocols for implementation, and that speaks to our commitment to doing things the right way.”

The governor emphasized the actions taken by his government to make it easier for businesses to operate in the state.

This includes setting up a small claims court, making the process of getting business permits simpler, ensuring contracts are enforced, adjusting tax laws to eliminate double taxation, and improving safety measures, among other things.

“On Ease of Doing Business, we have gone so far. I head and chair the committee on Ease of Doing Business. We have streamlined business permits, and enforcement of contracts. We are at a point of having a one-stop shop physically and virtually that addresses the concerns of investors in the state,” Oyebanji noted.

Ekiti Airport To Be Ready Before End Of 2024

He also disclosed that the state’s accessibility is being enhanced through investments in its road network. He mentioned that the Ado Ekiti airport is set to start commercial operations by the year’s end, with the process of obtaining certification from the relevant aviation bodies in progress.

He explained that officials from the Nigeria Civil Aviation Authority (NCAA) and Federal Airports Authority of Nigeria (FAAN) are presently in the state for the certification process of the airport’s commercial readiness, with commercial flights expected to begin before the year’s end.

He stated that the airport project was designed to support the state’s economic development and expansion by providing access to both local and global markets.

Additionally, the leaders and representatives from various international development organizations, such as the British High Commission, United States African Development Foundation (USADF), United States Agency for International Development (USAID), Belgium Embassy, Japan Embassy, and UNiDOC, among others, came together to reinforce their commitment to the state, while praising the governor’s consistent involvement.

In his opening remarks, the State Commissioner for Budget, Economic Planning and Performance Management, Niyi Adebayo, outlined the state’s competitive strengths and areas that need collaboration in his presentation.

The Director General, Office of Development Partnerships, Biodun Oyeleye, provided an overview of the Biodun Oyebanji Administration’s six-pillar development strategy, highlighting each agenda to ten development agencies.

The event also featured members of the State Executive Council, Ambassadors, High Commissioners, Country Directors, and representatives from International Organizations and Countries.