Africa Investment Forum: Ekiti State Governor Fayemi on creating an enabling environment for investment

Ekiti State Governor Fayemi, also Chairman of Nigeria's Governors Forum, is spearheading efforts to create an enabling environment for investment in Nigeria. In a recent interview with CNBC Africa, Governor Fayemi shared insights on the pipeline of deals coming from Nigeria to the Africa Investment Forum, highlighting key projects such as the A&B City project and the Lego Skibble Cup project. The Governor emphasized the need for a stable foreign exchange environment to attract foreign investors, citing concerns about multiple exchange rates and the importance of hedging against future changes. Despite these challenges, Governor Fayemi assured investors of stability and a positive trajectory in Nigeria's business environment, pointing to the country's recent reforms recognized by the World Bank. He stressed the efforts of both the federal government and state governments in improving the climate for investments. Governor Fayemi also underscored the importance of states showcasing their opportunities and creating conducive environments for capital growth. In line with this, Ekiti State is set to host the Southwest Regional Forum for the Presidential Committee on Enabling Business Environment, focusing on further enhancing the state's attractiveness to investors. The Governor shared his experience in accessing development finance capital, highlighting the strategic approach of identifying funding needs, presenting a pipeline of projects to institutions like the African Development Bank (AfDB), and securing financing for key projects such as the ADO, Ekiti Akure Reconstruction and Dualization, Smart City, Agriq Processing Zone, and airport expansion. Governor Fayemi praised AfDB's favorable terms, including low-interest rates and long repayment periods, making the financing almost like a grant. He also mentioned AfDB's emphasis on regional integration, renewable energy, climate resilience, gender balance, and youth empowerment, aligning with Ekiti State's development goals. The Governor's proactive approach to development finance capital serves as a model for other state governments in Nigeria, encouraging them to define their strategic priorities, engage with financial institutions like AfDB, and pursue sustainable development projects. In conclusion, Governor Fayemi reiterated Nigeria's commitment to attracting investments at both the state and federal levels, with plans for an investment forum in 2020 to showcase opportunities and continue the momentum for economic growth and development.