Ekiti State Governor, Mr. Biodun Oyebanji, made a compelling case for foreign investors to capitalize on Nigeria’s current economic reforms during his address at the 2024 US-Africa Business Summit held in Dallas, USA.
In his remarks, Oyebanji highlighted the favorable time to invest in Nigeria, pointing to the proactive economic policies of President Bola Ahmed Tinubu’s administration as well as the cooperative efforts of the federal and state governments.
“This is the right time for any investor to invest in Nigeria”, Oyebanji declared at a panel session, one of the major events at the 2024 US- Africa Business Summit organised the Corporate Council on Africa ( CCA), citing the current reforms of the President Bola Ahmed Tinubu administration and the synergy between the Federal Government and the state governments.
During the meeting, investors, chiefs of state and federal governments, and Governor Oyebanji emphasized the fruitful partnerships between the Ekiti State Government and foreign investors while advocating for direct investment.
At the summit, attended by global leaders, policymakers, and investors, Governor Oyebanji highlighted successful partnerships between Ekiti State Government and international investors like Cavista Holdings and Promasidor.
He stressed the state’s commitment to fostering a conducive business environment and encouraged more direct investment in Ekiti, underscoring the state’s readiness for investment.
“Now we have a reform-minded government that is visionary and we have 36 state governors (I am one of them) and these are people that have keyed in to the vision of the President Tinubu’s administration.
“And like I have said, the economies of sub-nationals are so critical to the Nigerian economy itself. So, for any investor that wants credible return on their investment, this is the time to invest in Nigeria because the market is readily available, the people are ready, we have a government that is reform-minded, transparent, and trusted by the people.
“Nigerians believe in this government because we have a President that has done it right and all the governors have keyed into his vision as well. So, the time to invest in Nigeria is now.” He added.
Governor Oyebanji praised Ekiti’s robust regulatory framework, stating it is designed to safeguard investors and investments in the state.
“What we are doing is to ensure that we have a stable and predictable regulatory framework and there must be trust because I believe that for any business to thrive, trust is key. You must have a leader that is visionary, trust-worthy, and transparent. All these, we have in Ekiti State and that is why I am here today so that we can have more investors like Cavista who are relevant to what we are doing in the State.
“So, the sub-nationals are critical to developing the Nigerian economy, but for them to attract credible investors there must be clear regulatory framework. The ease of doing business has to be top notch, security must be guaranteed, put in place the building blocks that will allow businesses to grow and thrive. Things must also be done in the way and manner that will give them confidence to bring their capital to invest.
“The Cavista story is one of our success stories and I am proud of it. Cavista Holdings came to Ekiti State as a company we were not aware of but they showed interest in one of our moribund assets that has been there for many years and nobody wants to touch it. Cavista came to discuss with us but through the help of NIPC, they told us to set up an Investment Promotion Agency so we have an IPA that shields investors away from government bureaucracies.
“So, they do things the private sector way and we also set up a very strong regulatory system. We have a predictable policy because we realized that when you look for development, investors look for returns on their investments.