Ekiti woos Egyptian Investors, targets $500m investment

By Omolade Adegbuyi

The Ekiti State Government is seeking investment worth $500 to be injected into the largely agrarian n state.

The State Governor Abiodun Oyebanji says the attracted potential industrial and trade investments will uplift the industrial and business status of the South West state.

The gains came as consequence of a five-day investment mission to Egypt that brought together more than 40 Egyptian industrialists and investors.

The Ekiti-Egypt Industrial Investment Mission, held in Cairo from focused on investment opportunities across agriculture, agro-processing, commercial farming, seed production, textiles, manufacturing and solid minerals.

The mission produced eight Expressions of Interest (EOIs) and opened further commercial discussions between the state government and Egyptian manufacturers, processors, agribusinesses, mining operators and other potential investors

According to the state government, the proposed investments could generate thousands of direct and indirect jobs while strengthening Ekiti’s productive sectors and expanding economic opportunities for residents.

Commissioner for Agriculture and Food Security, Ebenezer Boluwade, said the government was prioritising the development of agricultural value chains that would connect farmers to reliable markets and provide processors with access to quality raw materials.

We want to build agricultural value chains where farmers have reliable markets, processors have access to the volumes and quality they require, and more of the value created from our agricultural resources remains within Ekiti,” Boluwade said.

He added that connecting agricultural production with industry was central to the state’s food security, employment and broader economic development agenda.

Commissioner for Investment, Trade and Industry, Omotayo Adeola, said the next priority was to turn the expressions of interest into actual investments.

She explained that the state would pursue the engagements through site visits, commercial agreements, capital deployment and the establishment of factories.

Adeola also reaffirmed Ekiti’s readiness to work with credible investors interested in establishing productive businesses in the state.