Governor Biodun Oyebanji of Ekiti State has announced that the state’s Gross Domestic Product (GDP) has grown significantly, moving Ekiti from the 33rd to the 28th largest economy in Nigeria, according to the latest report from the National Bureau of Statistics (NBS).
The Governor disclosed this while delivering his State of the State Address at the Ekiti State House of Assembly Complex, Ado-Ekiti, as part of activities marking the third anniversary of his administration.

According to Oyebanji, the state’s GDP rose from ₦2.4 trillion in 2019 to ₦4.6 trillion in 2023, representing a 90 percent growth over four years.

He said the state’s contribution to the national GDP also increased from 1.3 percent to 1.6 percent, a development he attributed to prudent economic management and targeted investments in key growth sectors.

“Our economy is largely driven by trade and agriculture, which together account for 60 percent of our GDP. Trade contributes ₦1.7 trillion (37 percent) while agriculture contributes ₦1.05 trillion (23 percent),” Oyebanji stated.

The governor noted that his administration has been intentional about supporting the sectors where the state holds a comparative advantage, particularly trade, investment, and agriculture, while also laying the groundwork for emerging sectors such as the Knowledge Economy.

He revealed that the state had secured an $80 million funding facility from the African Development Bank (AfDB) to develop the Ekiti Knowledge Zone, a strategic project aimed at positioning the state as a hub for innovation, digital entrepreneurship, and technology-driven industries.

Oyebanji further highlighted the state’s progress in investment promotion, noting that Ekiti was recently ranked sixth in foreign direct investment inflows and recognized by BudgIT as the most fiscally transparent state in Nigeria.

The governor expressed gratitude to President Bola Ahmed Tinubu, whom he credited for supporting Ekiti’s development drive, particularly in areas of security and infrastructure.

He also commended the Ekiti State House of Assembly for its cooperation and for passing several key legislations that have enabled smooth governance and improved public service efficiency.

Governor Oyebanji promised his administration’s commitment to participatory governance, transparency, and accountability, saying his government remains focused on delivering the “Shared Prosperity” agenda promised to the people of Ekiti State.