Ado-Ekiti ring road wins global finance award
By Omolade Adegbuyi
Ekiti State’s flagship ring road project has clinched international recognition, winning the ‘Best Project Bond’ award at the EMEA Finance Achievement Awards.
The dual accolade marks a rare feat for a sub-national project in Nigeria and underscore the state’s push to attract private capital for infrastructure through innovative financing.
The 68-kilometre ring road around Ado-Ekiti is being financed through a ₦32.5 billion 20-year infrastructure bond issued by Craneburg EKSG Motorway Company Plc.
The bond is guaranteed under InfraCredit’s Annuity PPP Guarantee Product, making it the first successful corporate infrastructure bond for a state-level PPP project in Nigeria.
“This model unlocks private capital in a fiscally responsible way, ensuring delivery and scalability for states seeking infrastructure transformation,” said InfraCredit CEO Chinua Azubike.
Governor Biodun Oyebanji’s administration launched Phase 1 in November 2023, describing the road as central to decongesting Ado-Ekiti, improving connectivity, and supporting the state’s cargo airport and knowledge zone.
“The Ring road was conceived as part of efforts of the Oyebanji’s administration for all round development, particularly in the area of infrastructure,” said Information Commissioner Taiwo Olatunbosun.
The project builds on Ekiti’s Public Private Partnership Law and active Investment Promotion Agency, chaired by the governor.
Officials say the road will create a new economic corridor, reduce travel time, and position Ado-Ekiti for industrial growth and urban expansion.
