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Ekiti eyes capital market to fund infrastructure

Stories by Peter Egwuatu

EKITI State Government has commenced moves to approach the capital market for funds that would enable it provide critical infrastructure.

Fayemi, Ekiti
Fayemi

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The Governor, Dr. Kayode Fayemi, who was at the Nigerian Stock Exchange, NSE, at the weekend to brief capital market community on the state’s economy said: “We deemed it necessary to visit the stock exchange to inform the market about the level of development and the projects we intend to embark upon. We are also excited with the development in the stock exchange for providing and sustaining the channel of providing long term funds for development.”

The governor, however, refused to disclose how much the State intend to raise saying at the appropriate time the market and regulators would be notified.

Speaking at the event on “Investing in Ekiti: Facts behind the State economy” he said: “We are revitalising the agricultural, manufacturing, mining, trade and tourism sectors, which together account for 75 percent of the state’s gross domestic product (GDP).

“We are establishing one-stop investment promotion centre and enterprise zone industrial clusters; widespread road constructions, electrification and ICT infrastructure; as well as rehabilitation of Fountain Hotels and commencement of an Ekiti State Airport project. We have revitalised Ikogosi warm spring and the water is now on sale.

“During my first term as Governor of Ekiti State we raised N20 billion which was used in financing a number of projects including the Ikogosi warm spring redevelopment, the Ekiti Water Works construction, as well as the refinancing of high-interest borrowings by the state. We have redeemed the money we borrowed from the capital market.”

In his own part, the Chief Executive Officer of the Exchange, Mr Oscar Onyema commended the governor for taking the bold step to visit the market.

He said: “You have increased the proportion of capital spending in the 2019 budget to 44 percent from 31 percent in 2018; and channelled budgetary resources towards pro-growth projects.

At the NSE, we recognize that to build 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 longstanding partners with Ekiti State in accessing such capital.”

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