By Abiodun Abdullai
Ekiti State has recorded a 90% rise in its Gross Domestic Product (GDP) over the past three years, driven by increased trade, agriculture, and investment reforms that have strengthened small business operations and investor confidence.
Governor Biodun Oyebanji disclosed this during the 2025 State of the State Address at the Ekiti State House of Assembly, noting that the state's GDP has grown from ₦2.4 trillion in 2019 to ₦4.6 trillion in 2023.
According to him, trade and agriculture jointly contribute about 60% of the state's economy, prompting government investment in market expansion, cluster farming, and youth-focused agribusiness programs.
The governor stated that his administration's digital tax reforms and expansion of the tax net have raised Internally Generated Revenue (IGR) from an average of ₦700 million monthly in 2022 to over ₦2 billion monthly, enhancing state capacity for infrastructure and social investment.
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Oyebanji added that the state is strengthening its power and knowledge sectors, securing $80 million in funding from the African Development Bank (AfDB) to establish the Ekiti Knowledge Zone — an initiative designed to attract innovation-driven enterprises and create jobs for young professionals.
He explained that over 5,000 hectares of land have been cleared for large-scale farming, with new processing zones emerging through public-private partnerships such as the Soya Oil Bottling and Rice Processing Project in Ikere-Ekiti.
The governor emphasized that these reforms are designed to make Ekiti a major business hub in the South-West region, with improved infrastructure, reliable electricity, and business-friendly tax policies.
