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INDUSTRIAL POTENTIALS AND INVESTMENT OPPORTUNITIES

Posted by on 1/30/2003 10:24:21 AM | Views: 1 |

INDUSTRIAL POTENTIALS AND INVESTMENT OPPORTUNITIES

Economic Climate: As part of the old Ondo co state, the economic climate of Ekiti State has been iich boosted by the inauguration of the Boards of seven OASIS Companies. These companies are to serve of as agricultural processing units that will attract and prospective investors to use processed products for hey their industrial ventures.

To further attract investors, i of the new sate has established industrial estates in lard AdoEkiti, the state capital, and in other urban cen tive tres such as IkereEkiti and IkoleEkiti, In addition, i of there is also the Ekiti State Chamber of Commerce, iva Industry and Agriculture poised to encourage the tion rapid industrialisation of the new state.

Industrial Potentialities: Although Ekiti is a ited new State, it is experiencing rapid industrialisation.At present, the major industrial ventures are O'dua Textile Mills Ltd at AdoEkiti, Ire Burnt Bricks works at IreEkiti and Road Materials and Construction Company (ROMACCO) at lgbemoEkiti.

All these are public companies owned by the government. Private companies include Adegbemile Food Industries at OyeEkiti, Ornolayo Standard Press Ltd at AdoEkiti, Celtic Company Ltd at llaweEkiti , Petadel Soap Industry at lgbaraodoEkiti, Onward Vegetable Oils Industry at IkereEkiti and Little by Little Photo Industries Ltd. at AdoEkiti.

In a survey carried out by the old Ondo State's Ministry of Finance and Economic Planning, the number of private industrial and commercial establishments employing five people and above in Ekiti state as at 1980 were less than 400; but by 1982 it had risen to almost 900. With the creation of the state in 1996, an estimate of these ventures will be in the neigh bourhood of about 1,450, with AdoEkiti having not less than 550 of such establishments.

It is necessary to indicate the efforts of the gov ernment of the old Ondo state in creating more con ducive investment opportunities by inaugurating the boards of seven OASIS Companies in 1989. Four of these centres are located in the new Ekiti state.

They include EmureEkiti, lgbaraOdo, lgbemoEkiti and Okemesi. These OASIS Companies are intend ed to enhance agroindustrial development in the state, based on the available major food crops. In considering the myriad of the agricultural, forest, water and mineral resources available in Ekiti State, it is crystal clear that the state has limitless industri al potentialities calling for development. An excel lent example of these potentials is the harnessing of water resources in springs and water falls found in