By MICHAEL EBOH & NKIRUKA NNOROM
Ekiti State Governor, Mr. Kayode Fayemi, yesterday, promised to utilise proceeds of the N20 billion bond programme to boost the economic base of the state, making it less dependent on allocation from the federal purse.
Fayemi who rang the closing bell on the floor of the Nigerian Stock Exchange, NSE, at yesterday's session in Lagos, said the state had set up a solid mineral development initiative in the area of stone-cutting and polishing that would enable it partner with investors seeking to tap into the opportunities presented by the high number of precious stones in the state, such as granite, kaolin and marble among others.
He said the state had already begun the utilisation of the fund, with the award of 11 road projects, designed to make the state an attractive investment destination and boost its revenue base.
Other projects to be funded from the bond proceeds, according to him, included the Ikogosi Warm Spring Development Company Limited; construction of an ultra modern civic centre, market, new Government House and office in the state.
According to him, other projects include the rehabilitation and expansion of Ado and Ero Waterworks and the establishment of the state's School of Agriculture among others.
He said: "We are fully committed to the actualisation of these projects. The bond proceeds shall be judiciously utilised to ensure the completion of all projects earmarked for funding."
Fayemi, who was accompanied by senior members of the state Executive Council, explained that the decision to source for fund from the bond market was borne out of the administration's commitment to the rapid transformation of Ekiti State.
Speaking on behalf of stockbrokers, Mr. Emeka Madubuike, Chairman, Association of Stock Broking Houses of Nigeria, ASHON, commended the governor for the initiative, adding that dealing members would appreciate an opportunity to see the progress of various projects under the bond issuance.
Vanguard Nigeria