The Ekiti State Government congratulates Craneburg Construction Company and its affiliate, Craneburg EKSG Motorways PLC, on a historic achievement.
Their successful N32.5 billion bond issuance represents a significant milestone in Nigeria’s infrastructure financing, showcasing innovative economic strategies.
This pioneering initiative establishes a new benchmark as the nation’s first state-level road project bond.
It is strategically designed to fund the transformative Ekiti Ring Road, which will enhance regional connectivity and drive economic growth.
Significantly, domestic pension funds oversubscribed the “AAA”-rated instrument, reflecting robust investor confidence. This strong interest highlights Ekiti’s sound fiscal governance and Craneburg’s operational expertise, ensuring the successful execution of this crucial infrastructure project.
InfraCredit facilitated this milestone through its Annuity PPP Guarantee Product, demonstrating innovative public-private collaboration. By leveraging private capital, the state alleviates budgetary strain while accelerating critical infrastructure development.
Governor Biodun Oyebanji’s leadership proves pivotal because his administration prioritizes institutional frameworks like the Investment Promotion Agency and PPP Law. These reforms actively attract private-sector participation, creating a stable ecosystem for long-term investments, as evidenced by Craneburg’s recent commitment.
Furthermore, the 31-kilometer Ring Road will interconnect Ado-Ekiti with neighboring towns and the Ekiti Agro-allied International Cargo Airport. This development streamlines logistics for agricultural and commercial activities, enhancing connectivity and boosting the local economy in the region.
Building upon existing partnerships, the state reinforces its shared prosperity agenda through projects like the 3MW Independent Power Plant developed with Fenchurch Limited. Additionally, this bond issuance honors former Governor Dr. Kayode Fayemi’s legacy, whose strategic vision established foundational policies for these impactful projects.
As a result, Ekiti now joins Lagos as one of Nigeria’s few states securing private capital for large-scale infrastructure. This achievement signals a paradigm shift in subnational financing, demonstrating the potential for sustainable growth and development in the state.
Economically, the Ring Road promises to stimulate regional trade, reduce transportation costs, and enhance access to emerging industrial clusters. Additionally, improved connectivity will integrate rural communities into broader value chains, fostering job creation and inclusive growth.
Looking ahead, Ekiti aims to replicate this model for future projects, solidifying its reputation as an investment-friendly hub. The government remains dedicated to sustainable partnerships that elevate living standards while maintaining fiscal responsibility.
Through these visionary approaches, the state addresses immediate infrastructure gaps effectively.
Consequently, it charts a resilient path toward long-term socioeconomic transformation.
