…Ranks third in Nigeria, first in Southwest
….Predicts future economic boom for Ekiti
A Business Management Consulting Firm, Philips Consulting Limited (Pcl), has scored Ekiti State Government high in investment promotion, human capital development and prudent financial management, describing these as factors that are catalysing the state’s economic transformation.
The consulting firm, established in 1992 and headquartered in Nigeria, said Ekiti has done exceedingly well in the areas of job creation, inclusive governance and laying of solid propitious business environment, with high propensity for speedy attainment of economic recovery for its citizens.
The ratings were contained in the firm’s State Performance Index report released for all the 36 states of the federation for the 2023 fiscal year.
As contained in the report, Ekiti stands out as the 3rd overall best-performing state and the top performer in the Southwest region, largely attributed to its strengths in provision quality basic education, healthcare, robust public institutions, preservation of social and cultural values, and healthy Capital Expenditure to budget ratio.
Despite its limited resources, the report stated that Ekiti demonstrated exceptional efficiency in deploying these resources for socioeconomic development, which vividly reflected in the state’s rank of 8th regarding socioeconomic development performance.
In the report released by the consulting firm, Pcl remarked that the positive economic outlook for Ekiti State is underpinned by several promising factors, which also encompasses stability in governance and political alignment with the Federal Government.
Other standpoints catalogued by the respectable body that are setting Ekiti on a faster pace of economic rebirth include promotion of inclusive governance, investment in Human Capital Development, job creation, and prudent resource utilisation.
The report rated the state highly in promotion of liberal democracy that accommodates all shades of opinions and declared that the personality of Governor Biodun Oyebanji, largely perceived to be a rabid believer of participatory governance, is also adding value to governance and political participation.
The report posited that though the state has history of political unpredictability, but still maintains relative stability and occasional alignment with the federal government, which tend to reduce election-related violence, attract federal presence and enabling a smoother succession planning process.
The report averred further that Ekiti State had distinguished itself from many other states in Nigeria by effectively engaging with its residents and indigenous population, which it said helped in fostering a sense of satisfaction among the state’s inhabitants.
The report expressed the fact that Oyebanji’s Economic Team , comprising individuals with proven integrity and strong business orientation, will bridge the noticeable economic knowledge gap in the system for expeditious attainment of the deserved height in economic development.
The report said: “Ekiti State is strongly committed to investing in health and education. This investment serves as a catalyst for the security of lives and properties while driving development across various sectors of the economy.
“Job creation is critical to socioeconomic development. Ekiti State has shown a commitment to managing the risk of unemployment effectively, as indicated by a high score in this regard. This commitment to job creation positively impacts the lives of residents and their dependants, fostering social and economic well-being.
“Ekiti State’s ability to make the most of its limited resources stems from the necessity to innovate and manage resources effectively. This culture of innovation ensures that the state is managed efficiently, even with relatively fewer endowments than other states.
“Ekiti State is characterised by electoral outcomes that closely reflect the wishes and aspirations of its populace. This democratic environment compels the
government to work diligently, addressing the concerns of its citizens. It encourages politicians to offer constructive criticism and gain public support for electoral victories.
“Governor Biodun Oyebanji’s profile highlights a history of service to humanity. While he may need more in-depth economic and wealth creation knowledge, forming a solid economic team can compensate for this limitation, thereby spearheading the state’s economic transformation.
“The road ahead for Ekiti State is undoubtedly promising. With a combination of efficient resource utilisation, a solid commitment to human capital development, and a liberal democratic environment, Ekiti is well-positioned to continue its trajectory of growth and development”, it stated.
However, the report urged the state to identify and eliminate impediments to conducting business within its borders, implement tax reforms and create an enabling environment for businesses and investments for enhanced internally generated revenue (IGR).
For the actualisation of the expected economic and business status, the report advised the government to focus on human capital development, enhance citizen engagement, explore opportunities for collaboration and knowledge sharing with states that have excelled in similar socioeconomic conditions.
Meanwhile, the state is already responding to the business constraints identified with the approval of the Business Enabling Reform Action Plan and inauguration of the Board of Ekiti State Development and Investment Promotion Agency (EKDIPA).