Ekiti State Governor, Dr. Kayode Fayemi, on Friday visited the Nigerian Stock Exchange (NSE), where he addressed members of the capital market community on plans to make it an attractive investment destination for investors, create jobs and in the process pull its citizens out of poverty.
In doing this, Fayemi, in his presentation titled Facts Behind the State Economy, spoke of his vision to ensure deliver sustainable economic growth, following which his administration has renewed “focus on peace and security.”
These, he noted, are “the foundation of economic development and start investing in developing infrastructure to make the State a competitive destination for business.”
In line with this resolve, Fayemi said the House of Assembly has passed a law establishing the Ekiti State development and Investment Promotion Agency, which will drive the ease of doing business reforms, once the agency commences full operation.
On the area of agriculture, which is the mainstay of Ekiti, the governor promised improved productivity of farm outputs, “providing infrastructure requirement and processing agricultural equipment.”
He appreciated the efforts of the Nigerian Stock Exchange (NSE) in helping companies in their efforts to raise capital for developmental needs, just as it has also been active in raising debt capital for both private enterprises and government.
He recalled that the NSE remains a long-standing partner in the development of the state.
He recalled that “in 2001, the state successfully raised N4bn from bond issuance that facilitated projects including the construction of Ekiti Hose in Abuja, various road projects as well as the construction of the Governor’s office and t these assets are still in good condition almost 20 years later.
“On April 3, 2012, during my first term as Governor of Ekiti State, I rang the closing bell on NSE to signify the successful completion of a N20 billion bond issuance as part of the N25 billion multi-note issuance programme, which was used for infrastructure development in the state.”
Both bonds, he continued, have been fully redeemed, even as the people of Ekiti State continue to benefit from the projects which supported economic growth, creating employment and access to public utility.
“In our opinion, both programmes demonstrate how government can use the capital market to spur economic development,” he stressed.
Earlier in his address of welcome, Oscar Onyema, chief executive of the NSE, acknowledged the governor’s progressive and reform-minded leadership of Ekiti State, evidenced in his commitment to grassroots development in a bid to positively impact the lives of citizens of the State.
The NSE, he stressed, recognises the importance of building “a sustainable economy for the estimated 3.5 million citizens of Ekiti State, supported by vibrant sectors, both state-owned and private sector enterprises will require access to right-sized capital. We have been long-standing partners with Ekiti State in accessing such capital.”
He particularly noted the Fayemi administration’s “strategies towards revitalising the agricultural, manufacturing, mining, trade and tourism sectors, which together account for 75% of the state’s gross domestic product (GDP) are also commendable.”

Caption: Ekiti State Governor, Dr. Kayode Fayemi (third left) sounding the closing gong to close trading on the Nigerian Stock Exchange (NSE), in commemoration of the Facts ‘Behind the State’s Economy’ presented at the exchange on Friday, August 16, 2019. He was accompanied from left, by Kayode Falowo, Group Managing Director/CEO, Greenwich Trust Limited; Oscar Onyema, Chief Executive of the NSE (second left); Otunba Abimbola Ogunbanjo, President, NSE National Council; Erelu Angela Adebayo, NSE National Council member; and Abubakar Balarabe Mahmoud, SAN.