Commerce

PREAMBLE

The Ministry came into existence in November 1997; a year after the State was created. It had hitherto existed as a department under the Ministry of Agriculture, Rural Development, Commerce, Industries and Cooperatives for administrative convenience.

The Ministry as at today functions through five departments with the Board of Tourism existing as an integral part of the Ministry. The Ministry is solely responsible for the formulation of policies for the industrial and commercial development of the State. The five departments are:

(a) Finance and Administration

(b) Investment Promotion and Management

(d) Small‑Scale Industries

(e) Cooperative Service

(f) Tourism Board.

INVESTMENT PROMOTIONS AND MANAGEMENT

Basically the department initiates appropriate policies, strategies and measures that were geared towards the improvement in the industrial climate of the State. To this end an industrial policy was formulated for the State, which has reduced to the barest minimum, government interference in business management and has limited its role to promotional activities. Thus, the State Government has been constructively engaged in putting in place appropriate infrastructures and readiness to invest to the tune not exceeding 15% to 20% of the total equity in viable business ventures.

As part of its efforts in boosting revenue generation and management of Investment potentials in the State, the department has established two (2) Companies namely:

(i) Fountain Investment and Finance Company Limited

(ii) Fountain Commodities Ventures Limited.

It has also collaborated with the UACN PLC to establish Warm Spring waters Nig. Ltd. the bottler of the popular "Gossy" bottled water. The State Government holds 15% equity shares in the company.

At present, the State Government through this department is involved in the promotion of efficiency in the following companies:

(i) Road materials and construction company, Igbemo‑Ekiti

(ii) Ikun Diary Project, Ikun‑Ekiti

(iii) Cocoa Processing Industry

(iv) Stone cutting and polishing Industry

(v) Ire Burnt Bricks Company Limited.

Similarly, in order to reach out to private investors on the resource potentials of the State, an Investment Information Centre has been established by the State Government under the direct supervision of the Investment Promotion and Management department.

On a general note the Investment Promotion Department perform the following functions:

(i) Initiating policies on State Industrial Programmes as they relate to medium and large scale

enterprises;

(ii) Appraising Investment Proposals and technical studies as prepared by the Ministry/Consultants;

(iii) Preparation of feasibility reports on viable Industrial ventures in collaboration with competent

contractors;

(iv) Identification of Technical Partners for Management of Industrial projects promoted by the State

Government;

(v) Sourcing of funds to finance government equity investment in industrial and commercial

ventures;

(vi) Liaison with Research Institutions, National and International Agencies on matters concerning

industrial development;

(vii) Maintenance of up‑to‑date data bank on the Investment potentials of the State; and

(viii) Management of the share records of the State.

The department is responsible for policy development and monitoring of commercial activities in the state. Essentially, it is involved in the trade and commercial activities monitoring, registration of trade and business association (including artisans) promotion of non‑oil export, monitoring and supervision of NGOS such as Ekiti State Chambers of Commerce (EKICCCIMA) Shippers Association, Export Promotion Committee, Consumer Protection Agency etc and the settlement of minor trade disputes.

Furthermore the department facilitates the participation of Ekiti State in the domestic, Regional and International Trade Fair in this Country as a way of showcasing the states potential. Arising from this, special attention is usually paid to the state by would ‑be investors and other entrepreneurs world‑wide owing to the vast mineral deposit available in the state. To further attract investors for the industrial growth of the state, Ekiti State will this year (2004) be hosting the 16th Joint Odua Trade Fair in Ado‑Ekiti.

In its avowed determination to boost economic activities in the state, the department is contemplating the establishment of the Export production villages in the state with the active support of the Federal Government. Similarly, the department has designed the Traders/Micro Credit scheme to assist traders and Small businesses.

4.1.3 In a related development, the Trade section of the department is empowered to monitor the price index of essential commodities with a view to providing records for government use and possible intervention during periods of run‑away inflation.

The department is basically responsible for the formulation and implementation of the policy strategies of the state government on industrialization, through the establishment of Small and Medium Scale Industries credit scheme and the state Industrial Estate in line with the policy guideline of the Federal Government on industrialization. It is a well known fact that in order to create the atmosphere conducive for rapid industrialization, the Federal Government enjoined each state to establish industrial estates and Small Scale Industries Credit Scheme as an inducement to investors of small and medium scale projects.


	MINISTRY OF COMMERCE , INDUSTRIES, COOPERATIVES AND TOURISM
Home About Ekiti Exco Members Ministries Governor D. Governor FFTF Feedback About Us Contact US	PREAMBLE The Ministry came into existence in November 1997; a year after the State was created. It had hitherto existed as a department under the Ministry of Agriculture, Rural Development, Commerce, Industries and Cooperatives for administrative convenience. The Ministry as at today functions through five departments with the Board of Tourism existing as an integral part of the Ministry. The Ministry is solely responsible for the formulation of policies for the industrial and commercial development of the State. The five departments are: (a) Finance and Administration (b) Investment Promotion and Management (c) Commerce (d) Small‑Scale Industries (e) Cooperative Service (f) Tourism Board. INVESTMENT PROMOTIONS AND MANAGEMENT Basically the department initiates appropriate policies, strategies and measures that were geared towards the improvement in the industrial climate of the State. To this end an industrial policy was formulated for the State, which has reduced to the barest minimum, government interference in business management and has limited its role to promotional activities. Thus, the State Government has been constructively engaged in putting in place appropriate infrastructures and readiness to invest to the tune not exceeding 15% to 20% of the total equity in viable business ventures. As part of its efforts in boosting revenue generation and management of Investment potentials in the State, the department has established two (2) Companies namely: (i) Fountain Investment and Finance Company Limited (ii) Fountain Commodities Ventures Limited. It has also collaborated with the UACN PLC to establish Warm Spring waters Nig. Ltd. the bottler of the popular "Gossy" bottled water. The State Government holds 15% equity shares in the company. At present, the State Government through this department is involved in the promotion of efficiency in the following companies: (i) Road materials and construction company, Igbemo‑Ekiti (ii) Ikun Diary Project, Ikun‑Ekiti (iii) Cocoa Processing Industry (iv) Stone cutting and polishing Industry (v) Ire Burnt Bricks Company Limited. Similarly, in order to reach out to private investors on the resource potentials of the State, an Investment Information Centre has been established by the State Government under the direct supervision of the Investment Promotion and Management department. On a general note the Investment Promotion Department perform the following functions: (i) Initiating policies on State Industrial Programmes as they relate to medium and large scale enterprises; (ii) Appraising Investment Proposals and technical studies as prepared by the Ministry/Consultants; (iii) Preparation of feasibility reports on viable Industrial ventures in collaboration with competent contractors; (iv) Identification of Technical Partners for Management of Industrial projects promoted by the State Government; (v) Sourcing of funds to finance government equity investment in industrial and commercial ventures; (vi) Liaison with Research Institutions, National and International Agencies on matters concerning industrial development; (vii) Maintenance of up‑to‑date data bank on the Investment potentials of the State; and (viii) Management of the share records of the State. COMMERCE DEPARTMENT The department is responsible for policy development and monitoring of commercial activities in the state. Essentially, it is involved in the trade and commercial activities monitoring, registration of trade and business association (including artisans) promotion of non‑oil export, monitoring and supervision of NGOS such as Ekiti State Chambers of Commerce (EKICCCIMA) Shippers Association, Export Promotion Committee, Consumer Protection Agency etc and the settlement of minor trade disputes. Furthermore the department facilitates the participation of Ekiti State in the domestic, Regional and International Trade Fair in this Country as a way of showcasing the states potential. Arising from this, special attention is usually paid to the state by would ‑be investors and other entrepreneurs world‑wide owing to the vast mineral deposit available in the state. To further attract investors for the industrial growth of the state, Ekiti State will this year (2004) be hosting the 16th Joint Odua Trade Fair in Ado‑Ekiti. In its avowed determination to boost economic activities in the state, the department is contemplating the establishment of the Export production villages in the state with the active support of the Federal Government. Similarly, the department has designed the Traders/Micro Credit scheme to assist traders and Small businesses. 4.1.3 In a related development, the Trade section of the department is empowered to monitor the price index of essential commodities with a view to providing records for government use and possible intervention during periods of run‑away inflation. SMALL SCALE DEPARTMENT The department is basically responsible for the formulation and implementation of the policy strategies of the state government on industrialization, through the establishment of Small and Medium Scale Industries credit scheme and the state Industrial Estate in line with the policy guideline of the Federal Government on industrialization. It is a well known fact that in order to create the atmosphere conducive for rapid industrialization, the Federal Government enjoined each state to establish industrial estates and Small Scale Industries Credit Scheme as an inducement to investors of small and medium scale projects.
	Directorate of Information Technology, Ekiti State, Nigeria.