Ekiti State GDP Reaches Toward N8.8 Trillion as Revenue Surges

Ekiti State Governor Biodun Oyebanji announced during his annual State of the State Address that the state economy is approaching a Gross Domestic Product of N8.8 trillion. Economic figures indicate that state GDP grew 90 percent from N2.4 trillion in 2019 to N4.6 trillion in 2023, raising the state's rank among Nigerian states from 33rd to 28th position and increasing its national GDP contribution to 1.6 percent.

The state's economic expansion has been supported by significant growth in internally generated revenue, which rose from an average of N650 million to N700 million monthly in 2022 to an average of N2.6 billion monthly in 2026. Trade and agriculture serve as the primary economic drivers, generating 37 percent and 23 percent of total state output, respectively. Public investments in agriculture, including state-backed distribution initiatives, have helped keep food inflation lower than in other parts of the country.

Moving forward, state authorities plan to further diversify the local economy by increasing investments in aviation, tourism, and knowledge-based sectors. The administration is also expanding its agricultural retail network into additional local government headquarters while continuing pension and gratuity disbursements to retired public sector workers.