Oyebanji Hails Ekiti’s Economic Growth, Says State GDP Rises 90% in 3 Years

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Ekiti State Governor, Mr. Biodun Oyebanji, has expressed satisfaction with what he described as the massive turnaround in the state’s fortunes since his assumption of office on October 16, 2022, citing remarkable growth in economic indices and improved quality of life for citizens.

The governor made the remarks on Thursday while presenting the 2025 State of the State Address before the Ekiti State House of Assembly in Ado-Ekiti, during a special plenary held to mark the third anniversary of his administration.

Oyebanji, who attributed the progress to disciplined governance and the support of President Bola Ahmed Tinubu, said Ekiti has become “a reference point among the comity of states in Nigeria.”

“The economy of Ekiti State continues to hold an exciting promise in all ramifications. From the recent NBS report, Ekiti’s GDP has grown from ₦2.4 trillion in 2019 to ₦4.6 trillion in 2023 — a 90% increase,” he said.

According to the governor, Ekiti has moved from being Nigeria’s 33rd largest economy to the 28th, with its contribution to the national GDP rising from 1.3% to 1.6%.

He explained that the state’s economy is largely driven by trade and agriculture, which jointly contribute about 60% of the GDP, adding that deliberate attention is being given to both sectors as areas of comparative advantage.

Ekiti Secures $80m for Knowledge Zone

Highlighting progress in the knowledge economy, Oyebanji disclosed that the state had secured $80 million in funding from the African Development Bank (AfDB) for the development of the Ekiti Knowledge Zone, an innovation and technology hub designed to drive youth employment and digital investment.

“Construction will commence once procurement processes are concluded. The Knowledge Zone is central to our vision of making Ekiti the brain capital of Nigeria,” the governor said.

Agriculture and IGR Growth

Oyebanji also emphasized that the administration’s focus on agriculture had strengthened food security, created jobs, and attracted private investments.

“We have cleared up to 5,000 hectares of land for cluster farming, community cooperatives, and youths. Our agricultural processing zone now hosts major investors, including YSJ Limited, which is setting up a Soya Oil Bottling, Rice, and Shea Butter facility in Ikere-Ekiti,” he explained.

On internally generated revenue, Oyebanji said Ekiti’s IGR has surged from ₦650–₦700 million monthly in 2022 to over ₦2 billion monthly, driven by digital tax reforms, expansion of the tax net, and improved business confidence.

Security, Social Contract, and Governance

The governor noted that his administration is proactively tackling potential security threats from neighboring states, while reaffirming his commitment to his social contract with Ekiti people.

“We are in a hurry to deliver prosperity to our people. Despite the economic challenges, we will continue to invest in sectors that directly touch lives,” he assured.

Oyebanji also announced that the new Ikere Ekiti Model College, built by his administration, would be named after the late Rt. Hon. Funminiyi Afuye, the former Speaker of the Ekiti House of Assembly who passed away in October 2022.

Assembly Minority Joins APC

During the plenary, the Assembly’s Minority Leader, Hon. Oladele Ogunsakin, formally defected from the Social Democratic Party (SDP) to the All Progressives Congress (APC), giving the ruling party total control of all 26 seats in the House.

The Speaker, Rt. Hon. Adeoye Aribasoye, praised the governor’s performance and reaffirmed the Assembly’s commitment to sustained collaboration with the Executive.

“The past three years have been monumental. The synergy between the arms of government has fast-tracked the visible transformation across infrastructure, education, agriculture, and human capital development,” Aribasoye said.

The event was attended by Deputy Governor Chief (Mrs) Monisade Afuye, Wife of the Governor Dr. Olayemi Oyebanji, Chief Judge Justice Lekan Ogunmoye, Secretary to the State Government Prof. Habitat Adubiaro, Head of Service Dr. Folakemi Olomojobi, Chief of Staff Mr. Niyi Adebayo, members of the State Executive Council, and traditional rulers.