In a bid to attract foreign investment to Nigeria, Governor Abiodun Oyebanji of Ekiti State has urged investors to capitalise on the country’s ongoing economic reforms.
Speaking at a panel session during the 2024 US-Africa Business Summit organised by the Corporate Council on Africa (CCA) in Dallas, USA, Governor Oyebanji highlighted the conducive environment for investment fostered by President Bola Tinubu’s administration and the collaborative efforts between the federal and state governments.
Governor Oyebanji underscored the significance of sub-national economies in driving Nigeria’s overall economic growth, stressing the critical role played by state governments in attracting investments and fostering development.
He reiterated the transparency and reform-minded approach of the current administration, instilling confidence among investors in Nigeria’s market potential.
During the session, Governor Oyebanji cited successful collaborations between the Ekiti government and international investors, such as Cavista Holdings and Promasidor, as compelling examples of the state’s commitment to fostering investment opportunities.
”Ekiti state’s robust regulatory framework designed to safeguard investors and investments is transparent,” he stated.
Governor Oyebanji shared the success story of Cavista Holdings’ investment in Ekiti, attributing it to the state’s proactive measures in creating an investment-friendly ecosystem.
He outlined Ekiti state’s transition from tourism to agriculture, driven by strategic partnerships with private investors and facilitated by federal government reforms aimed at empowering sub-national governments.
Acknowledging the pivotal role of private sector participation in driving economic development, Governor Oyebanji emphasised the importance of collaboration between federal and state governments to create conducive business environments.
He hailed the Nigerian Investment Promotion Council (NIPC) for facilitating partnerships between states and private investors, stressing that healthy competition among states will attract responsible and credible investors.
Recall that the Ekiti government recently announced the creation of a State Electricity Regulatory Bureau (SERB) to supervise electricity-related issues and guarantee standards in the state’s various market segments.
This comes about as a result of the Ekiti State Electricity Power Sector Act of 2023 being signed into law by Governor Oyebanji in October 2023.
A government statement issued in Ado-Ekiti stated that the Bureau will act as the highest authority on electrical regulation in the state.
