Businessman and political commentator, Isaac Fayose, has outlined a bold economic vision for Ekiti State, saying the state can generate as much as ₦400 million daily by leveraging its strategic geographical position as a major transit corridor between the northern and southwestern parts of Nigeria.
In a post shared on Saturday, Fayose emphasized that trade routes have historically played a critical role in economic development by facilitating the movement of goods, people, and services, thereby boosting productivity, creating jobs, and reducing poverty.
According to him, Ekiti occupies a unique position as the gateway linking Northern Nigeria to the Southwest, noting that it is faster and easier to reach Lagos the nation’s commercial capital through Ekiti from most northern states.
“Ekiti State connects Northern Nigeria to the Southwest. It borders Kogi State on the northeast and Kwara State on the north, making it a natural transit hub,” Fayose explained.
He cited estimates suggesting that about 170,000 vehicles travel daily between Lagos and northern Nigeria. Fayose said Ekiti could attract at least 100,000 of this daily traffic if it invested in quality infrastructure.
He proposed that the state government should partner with funding institutions, such as Sukuk or other low-interest infrastructural development bonds, to construct a dual carriageway stretching from the Omuo boundary to the Iwraja boundary.
“If the road is tolled at both entry and exit points at ₦2,000 per vehicle, with heavier trucks paying more, Ekiti can earn up to ₦400 million daily,” he stated.
Fayose explained that the revenue could serve dual purposes repaying the bond used for construction and boosting Internally Generated Revenue (IGR) for the state.
He lamented that despite Ekiti’s enormous economic potential, the state suffers from leadership that overly depends on federal allocations rather than exploring creative economic strategies.
“Ekiti has economic development opportunities but lacks leaders who can think outside the box of monthly allocation from Abuja,” he said.
Fayose further praised Governor Muhammad Umar Bago of Niger State, describing him as a “road revolutionary” whose infrastructural model Ekiti could emulate to transform its economy.
