Biodun Oyebanji, the Governor of Ekiti State, is encouraging foreign Investors to consider investing in Nigeria at this current moment. Governor Oyebanji made this statement during the 2024 US-Africa Business Summit in Dallas, USA, on May 8, 2024. Speaking at the conference held by the Corporate Council on Africa, he encouraged international investors to capitalize on Nigeria’s ongoing economic changes by investing in the nation. Heads of national government, subnational government leaders, investors, policy makers, and development agencies from various regions gathered for the session.
Among the attendees was John Olajide, the Chairman of the Corporate Council on Africa. During his speech, Governor Oyebanji highlighted successful partnerships with foreign investors like Cavista Holdings and Promasidor as evidence of the Ekiti State’s potential for increased investment. He emphasized that the state is currently ripe for Investment opportunities. Nigerian citizens trust in the current government due to the effective leadership of the President, which has been embraced by all the governors as well. Governor Oyebanji is actively enticing investors to Ekiti State by highlighting the robust regulatory frameworks in place to safeguard both investors and investments within the state.
It is essential to establish a transparent regulatory structure.
His statement emphasized the importance of maintaining a consistent and reliable regulatory structure for businesses. He stressed the significance of trust as a fundamental element for the success of any business. A leader must possess qualities like foresight, integrity, and honesty. In order to boost the Nigerian economy, sub-national entities play a crucial role. However, in order to attract investors with credibility, it is essential to establish a transparent regulatory structure. Businesses must have excellent ease of operation and Security measures in place to ensure growth and success. It is crucial to establish a solid foundation for business development.
To attract their investment, it is important to ensure that tasks are completed in a manner that instils confidence in them. Cavista Holdings arrived in Ekiti State as an unfamiliar company, expressing interest in a long-abandoned asset that had been neglected for years. Cavista approached the state for a discussion, but with the assistance of NIPC, they recommended the establishment of an Investment Promotion Agency, giving them an IPA that protects investors from government red tape. They approach tasks with a Private Sector mindset while simultaneously establishing a robust regulatory framework.
The Nigerian economy relies on the success of individual regions.
Their policy is consistent and reliable because they understand that investors seek returns when seeking development opportunities. The Ekiti State Development and Investment Promotion Agency is spearheading all their business plans, with the Director-General having direct access to the governor for executive support in resolving any issues that may arise. At Ikogosi Warm Spring and Resort, they were impressed by the facility and the expectations set for them as a government. Thanks to the recent federal reforms, resources have been provided to sub-national entities for the development of essential Infrastructure to boost investments.
Hence, the Resort has flourished, leading them to transition from Tourism to Agriculture. This shift marks a new chapter in their success story. Nigeria operates under a system where there is one central government alongside 36 state governments, each headed by a governor. The Nigerian Economy relies on the success of individual regions; therefore, if each region prospers, the entire country will thrive. Recognizing the need for support, the Federal Government implemented programs to help local governments with business growth and to attract private investment to their regions.
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Being a state governor comes with specific responsibilities, but it is important to recognize that certain crucial areas may benefit more from the involvement of private investors. The collaboration between the Federal Government and states through the Nigerian Investment and Promotion Council aims to advise on creating an investment-friendly environment. This is crucial as capital tends to flow towards locations that offer a warm reception to investors. The 36 states are actively engaging in friendly competitions to attract reputable private sector players who are responsible and credible.