The Kayode Fayemi administration in Ekiti State says it has defrayed inherited debts to the tune of 31 billion naira since assumption of office.

The Nigeria Export Processing Zones Authority (NEPZA), in partnership with Ekiti State, is set to establish a Knowledge-based and Agricultural Special Economic Zone in the state.

Already, the Managing Director NEPZA, Adesoji Adesugba, who spoke during a visit by Governor, Kayode Fayemi, in Abuja at the weekend, also expressed the agency’s willingness to license the proposed zone.

According to Adesugba, for the states to be industrialised, they must go back to the basics. It is important that states have industries and good investments, he added.

He added that there was the need to leverage China, Dubai, Ethiopia and Turkey as success models for special economic and free trade zones.

He said developing economies were using this strategy to fast-track industrialisation, urging the governors to key into the scheme.

Fayemi said NEPZA was critical to the country’s quest to attract investments, local production, industrialisation as revenue generation through Foreign Direct Investment (FDI).

The governor said there was the need to think outside the box in order to drive the process in the state instead of always talking and making references to FDI without necessary plans on ground. It is indeed crucial that we recognize and disaggregate those investments in terms of sub-national opportunities at the state level.

For us in Ekiti we arguably have comparative advantages in the areas of scholarship and agriculture. We are very keen in our knowledge economic agenda to have a status of a special economic zone which is going to be the first service oriented zone.

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