Ekiti State has received high praise in a recent report by Philips Consulting Limited (PCL), a renowned Business Management Consulting Firm, for its exceptional performance in investment promotion, human capital development, and prudent financial management.
The report highlights Ekiti’s remarkable progress in job creation, inclusive governance, a conducive business environment, positioning the state for rapid economic recovery.
According to the State Performance Index report for the 2023 fiscal year, Ekiti emerged as the third-best performing state nationwide and the top performer in the Southwest region. The state’s strengths in providing quality basic education, healthcare, robust public institutions, and maintaining a healthy Capital Expenditure to budget ratio were cited as key factors contributing to its outstanding performance.
Despite facing resource constraints, Ekiti demonstrated remarkable efficiency in deploying its resources for socioeconomic development, earning it the 8th position in socioeconomic development performance. The report also stressed the positive economic outlook for Ekiti, attributing it to stability in governance and political alignment with the Federal Government.
The report commends Ekiti’s promotion of inclusive governance, investment in Human Capital Development, job creation, and prudent resource utilization as factors driving its economic rejuvenation. Governor Biodun Oyebanji’s commitment to participatory governance was highlighted as a significant contributor to the state’s progress.
While acknowledging Ekiti’s history of political unpredictability, the report emphasized the state’s relative stability and alignment with the federal government, which has helped reduce election-related violence and attract federal presence, facilitating smoother succession planning processes.
The report also lauds Ekiti’s effective engagement with its residents and indigenous population, boosting a sense of satisfaction among the inhabitants. It emphasized the importance of Governor Biodun Oyebanji’s Economic Team in bridging the economic knowledge gap and driving the state’s economic transformation.
Looking ahead, the report outlines recommendations for Ekiti to further enhance its business environment, including identifying and eliminating impediments to conducting business, implementing tax reforms, and creating an enabling environment for businesses and investments. It also emphasized the importance of human capital development, citizen engagement, and collaboration with successful states for sustained socioeconomic growth.
In response to identified business constraints, Ekiti has already taken steps with the approval of the Business Enabling Reform Action Plan and the inauguration of the Board of Ekiti State Development and Investment Promotion Agency (EKDIPA), signaling a proactive approach towards enhancing business opportunities within the state.
