Monday, Oct 18, 2021 / 2:15 p.m. / NIPC / Header image credit: NIPC
Nigerian Investment Promotion Commission (NIPC) Executive Secretary / Acting CEO Emeka Offor last Thursday assured the Ekiti State government of the Commission’s support to drive responsible, inclusive, responsible investments. balanced and sustainable (RIBS) in Ekiti State.
He said Nigeria and indeed subnational governments need to be deliberate in their approach to attracting and retaining investment to maintain a competitive advantage, noting that due to increasing global competition for capital occasioned by the impact devastating COVID, efforts by subnational governments are now more critical to ensure Nigeria remains a prime destination for investment.
He told Ado-Ekiti at the first edition of the Ekiti State Economic Development and Investment Summit, also known as the Fountain Summit 2021, with the theme âThe attractiveness of Investments and Economic Development: Lessons for Sub-Nationals â, organized by Governor Kayode. Fayemi.
The summit was opened by Vice President of Nigeria Prof. Yemi Osinbajo and led by other dignitaries including Governors Nasir El Rufai, Babajide Sanwo-Olu and Godwin Obaseki of Kaduna, Lagos and Edo States, respectively, among other dignitaries, investors and stakeholders in the state. The Honorable Minister of Industry, Trade and Investment, His Excellency Otunba Niyi Adebayo, delivered a message of goodwill during the event.
Mr. Offor said, âLet me assure you of the continued collaboration of NIPC with the Ekiti State Government to drive the ‘RIBS’ investments to Ekiti and even the rest of Nigeria. “
âAt NIPC, we consider subnational governments to be incredibly crucial in economic development; that is why we have developed the Nigerian Investment Certification Program for States (NICPS) to improve the capacity of States to provide effective facilitation and support to investors. Their success is our success, their growth is our growth. “
âIn addition, through collaboration with the Nigerian Governors Forum, the NIPC has produced the ‘State Book’ to bring more attention to subnational investment opportunities in Nigeria. The âState Bookâ is a tool for benchmarking the location of investors in Nigeria â, mentioned.
The NIPC has proudly followed the giant economic advancements in Ekiti State, led by a government focused on the private sector.
Ekiti has vast arable land for agriculture and the accompanying value chains, an ecosystem of brewing technology start-ups, a fledgling healthcare industry around the huge private investment in the iconic Afe Babalola University, Ado-Ekiti (ABUAD) and the multi-system university hospital, among other investment potentials and attractions.
A prime example of Ekiti’s agricultural prowess and the government’s focus on the private sector has been the turnaround of Ikun State Dairy Farms after 40 years of underutilization. The state government sold 76% of its stake to Promassidor, a private dairy company, resulting in a turnaround in less than a year. Ikun Dairy now produces over 80,000 liters of milk per month from a herd of just under 500 cows.
There is also the recent concessioning of hospitality facilities such as the iconic Ikogosi Hot Springs, affirming the same principle of private concentration of the state government.
Other agricultural investors in the state include Premier Plantations Limited, a subsidiary of the Nosak group with a massive cassava value chain project; Dem Eli Farms owns a 5 billion naira snail farm in Egbeja Snail Village, which focuses on export and has been described as the second largest snail farm in the world, after Cyprus.
The growing tech startup ecosystem at Ekiti includes companies like Kinplus Technologies, a software and website development company that creates business promotion applications and software focused on talent development; JM Tech Center, a recently launched research and technology institute in Ikun Ekiti.
For the budding health industry, Ekiti State recently signed a 300 million naira electronic medicine deal with Helium Health. Today, ABUAD (mentioned above) is gaining international recognition for the type of complex surgeries performed at its facilities – a variety of cardiac surgeries, neurosurgical breakthroughs in cranial tumor surgeries, spine surgeries, aroused neurosurgery, among others.
These modern businesses that are thriving in Ekiti State are the result of the government’s emphasis on the private sector and the competitive advantages and investment opportunities in Ekiti.
The NIPC is also ready to provide investment information, investment facilitation and support. You can reach the NIPC here https://www.nipc.gov.ng/contact-us-request-for-information/
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