Victor Ogunje in Ado Ekiti
The Governor of Ekiti State, Dr. Kayode Fayemi, yesterday revealed plans to establish and strengthen private sector relationship with the International Finance Corporation (IFC) with a view to driving sustainable developments in the state.
The IFC is an international financial institution of the World Bank that offers investment, advisory and asset management services to encourage private sector development in developing countries.
Fayemi made the plan known while playing host to the Country Manager of IFC, Eme Essien Lore, in his office in Ado Ekiti.
The governor identified the private sector as key in driving the sustainability of government projects and initiatives, and assured stakeholders that the state government would stand as guarantors to promising private sector entities that intend going into partnership with IFC.
He said the idea of fostering private sector partnership with IFC was to provide opportunities and supports for more investors to establish and drive sustainable businesses in the state.
The governor also disclosed to the IFC boss the achievement of his administration in providing key infrastructural developments that would encourage private sector businesses to thrive in the state.
Fayemi noted that the state government was already in partnership with development partners like the World Bank, African Development Bank, Islamic Development Bank and other agencies in developing its infrastructure.
He added that his administration would soon sign Memorandum of Understanding (MoU) with Transmission Company of Nigeria (TCN) to establish two sub-stations in the state to increase power supply to investors.
According to him, “If we can smoothen that path into relationship with IFC, it will also provide a relief to us to focus on development in an institutional manner while we are also encouraging private sector players to thrive.
“We can provide guarantee for whatever they are going to do with you so that you know that they are engaged with the state, and the state is interested in what they are doing. The state will be there to provide necessary guarantee for projects like our hotels and facilities management initiatives, including new ones coming on stream, and that is an area we will like your expertise and support to come into play.
“I don’t know if you had the opportunity to visit Afe Babalola Medical Centre which probably is the best that we have in the country today, and it is private sector-owned and private sector-driven, but that is also spinning all other activities in that area, including pharmaceutical, ICT, agriculture tech, and there are a lot players coming into the agriculture space.
“We are helping out with land clearing and water for irrigation in all these areas. In about the three zones of cluster that we have, we are not only rehabilitating the dam, we providing water for about six local government areas as well as some local governments in Ondo State, and we have World Bank supporting us majorly in resuscitating the Ero Dam in the North to supply water to about 10 local government areas, and by the end of this year, it will be completed. The third dam is almost exclusively linked to the processing zone for irrigation, which is also in the northern part of the state.”
The Country Manager, Lore, in her remarks, disclosed that the institution would invest in the private sector either by lending or by giving technical supports with developmental intention.