Ekiti GDP Hits N1.88trn, Assures Of Adequate Infrastructure

Ekiti State government has disclosed that its Gross Domestic Product (GDP) has moved from N1.36 trillion to N1.88 trillion, translating to a whopping 8.02% growth increase between 2017 and 2022.

The Commissioner for Budget and Economic Planning, Mr Femi Ajayi, who made the disclosure, said the growth percentage resulted from the ease of doing business environment created by the state government.

Ajayi expressed the government’s determination to ensure reliable socio-economic growth in the state, saying the GDP computed last year already showed that the economy of Ekiti State is bigger than that of Sao Tome and Principe and some countries in West Africa.

He pointed out that the state government is putting in place adequate infrastructure while giving more attention to the agriculture sector, which is the mainstay of the state’s economy, to grow the economy better than it currently is.

“In 2017, the GDP of this state was calculated, and as of 2017, we had 1.36 trillion. As of 2022, when another GDP was calculated, we had 1.88 trillion. So, the economy of Ekiti today is more significant than Sao Tome and some countries in West Africa.

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“So Ekiti is growing, and by the time we calculate GDP under this administration, a lot of money has gone into agriculture. Agriculture has surpassed mere service and is now a booster of GDP. RAAMP and FADAMA are doing a lot for our rural roads, and these will impact the agricultural sector”, he said.

The commissioner noted that the government’s bottom-up, citizen-driven approach to the budgeting process has helped it take the right steps in the right direction.

Ajayi disclosed that about 90 per cent of ongoing projects across the state would be completed before the end of 2025 as Governor Biodun Oyebanji’s administration strives to serve the Ekiti people well and deliver the dividends of good governance.

While stating that the state’s 2024 budget performed well at an 88 per cent performance rate said, “If we check the 2024 budget, we can see that the state performed well. If we said we wanted to do 10 things and did three, we performed woefully, but if we did eight out of 10, it means we have done well. The Government of Mr Biodun Oyebanji has earned the people’s trust in the State by turning the 2024 budget into realistic development across the state.”