The Ekiti State Government says it would drive its plan to increase the State’s Gross Domestic Product (GDP) from the current N1.2 Trillion to N5 Trillion with the "New Era" Project of the Ministry of Trade and Industry.
The State Commissioner for Trade and Industry, Aare Muyiwa Olumilua disclosed the government’s plan during a visit of the management of the Southwest Regional office of the Bank of Industries (BOI) in Ado Ekiti.
Olumilua explained that the Dr. Kayode Fayemi-led government is creating a new crop of budding young entrepreneurs under the aegis of the ‘New Era Project’; adding that the Ministry of Trade and Industry was creating a database of all entrepreneurs in Ekiti State, with a view to assisting them through a partnership with BOI.
He stated that Governor Fayemi has mandated the State’s Economic team to work towards increasing the GDP by leveraging on its central location to other adjoining States, for economic breakthroughs and growth.
The Commissioner expressed delight at BOI’s readiness to support entrepreneurship and economic growth in Ekiti State and requested for sharing of information on all beneficiaries of BOI funds.
This, he said, would help the present administration provide necessary support such as tax holidays, infrastructure, as well as security for businesses within the State.
The Commissioner also revealed that the State now processes Certificates of Occupancy within sixty (60) days, to enable those who want to site their industries in the State the opportunity of getting their ownership certificates on time.
In his remarks, the Southwest Regional Manager of BOI, Mr Michael Oye, expressed satisfaction with the State’s plan to increase her GDP from N1.2 trillion to N5.0 trillion and assured of the support of BOI to achieve this objective.
Oye said BOI would finance more businesses in Ekiti State, provided they meet the Bank’s loan requirements.
He urged the State to increase her contributions to the BOI-EKSG Matching Fund, in order to facilitate a reduction in the interest rate from 10% to 5% for Ekiti loan beneficiaries.
The meeting was attended by the Director-General of Ekiti State Micro-Enterprise Development Agency, Otunba Kayode Fasae, and the Permanent Secretary in the Ministry of Trade and Industry, Mr Ayodele Adeyanju.
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