Kwara State seems rich, going by its investments through its Ministry of Finance Incorporated. As at the end of 2006, the portfolio was N2.337 billion.

This includes N1.4 billion worth of shareholding in Intercontinental Bank Plc, N576 million in the old Bank of the North before the CBN consolidation gave birth to Unity Bank , N89.2 million in GT Bank, N57 million in Access Bank, N27.6 million in Crusader Insurance and N21.7 million in Zenith Bank, etc. The 2007 Report is yet to be published.

Little wonder an overwhelmed Ndi Okereke-Onyuike, a professor and head of the Nigerian Stock Exchange (NSE), described Governor Bukola Saraki, as "the governor in whom we are very well pleased", in her remarks at the commissioning of the Ilorin Trading Floor of the NSE.

Saraki described the commissioning of the floor, which was witnessed by the political and traditional leaders of the state, as a unique opportunity to propel the economy of the state, and by extension, its other north-central region members, in leaps and bounds.

Renowned economists are of the same view with Saraki about the impact of the new project.

Those reported to have publicly praised the initiative include Prof Pat Utomi of the Pan African University, Dr. Emma Asinob, Managing Director of Central Security Clearing System (CSCS) as well as a General Manager with the Exchange, Mrs. Yetunde Idowu, who expressed confidence that residents and other investors would benefit greatly from having a branch of the capital market closer to them.

They all shared the view that the prevailing atmosphere of peace was a great factor that would enhance the success of the project.

"By the event of today, the long awaited dream of the people of Kwara State has come to fruition", Saraki said at the ceremony, adding: "The establishment of the branch in Ilorin represents a major breakthrough by our administration and I am quite optimistic that our people would be better off.

"The branch of the NSE which will open up a window of opportunities for the people could not have come at a better time than now. As you are all aware, the present administration by style and design and as a matter of necessity encouraged private participation in all its developmental programmes.

"This giant stride has been yielding positive result as seen in the number of commercial and industrial ventures springing up with the attendant contributions to the economic prosperity of the state. I am convinced that the emerging Stock Exchange will further serve as a catalyst to this effort for the benefit of the citizenry."

Saraki said the government had agreement with some of the commercial banks operating in the state to provide a N5 billion loan for civil servants and teachers as well as other account holders with various institutions to access the stock market.

NSE council president Oba Otudeko praised the initiative. He described the Exchange as ‘an icing on the cake’ for the governor, whom he noted despite his commendable on-going development projects, had not leveraged, on the capital market to enhance wealth creation.

His words: "I have been extremely impressed by what I have found out in Kwara since I came. This is a very special day for us at the council. This project is a beautiful icing on the cake which the governor had been baking since the inception of his administration, which is gradually transforming Kwara into an economic power house in Nigeria."

While promising to continue working towards greater involvement of Nigerians in activities of the NSE, Otudeko explained that the concept of branch networking for the Exchange was meant to meet the goals envisaged by the founding fathers of the NSE.

Mrs Okereke- Onyiuke, who made some presentations on the Exchange, said contrary to global practices, the NSE is the only one of its type across the globe with branch networks because of its desire to involve the grassroots in the process of wealth creation. "At the NSE, we talk of wealth creation that trickles down to the common people," she added.

The Commissioner for Commerce and Cooperative, Dr. Felicia Ojeleye highlighted some benefits of the Trading Floor.

She said: "The establishment of the NSE here reflects the determination of the state to attain socio-economic transformation through the provision of enabling environment for investment and industrial growth.

"The pivotal role which the capital market plays in attracting local and foreign investments has been duly recognised by this administration and with the presence of the NSE in the state, it is gratifying to note that employmental opportunities would not only be created for Kwarans and non-Kwarans but will also boost the economy of the state."

But residents are worried and complaining that the poor power supply situation in the state might affect the dream of bringing many prospective investors into the NSE. They said they need to be in business to get money for investment.

The state’s economy at the informal sector runs on generating sets.

There are even some small scale businesses that cannot run because they either cannot fund the cost of the generating sets needed to run such businesses or they do not have profitable customer base to encourage continuous use of generating sets.

While poor power supply is not limited to Kwara, its case is somehow peculiar–the energy generated from the hydro dam in Kainji passes through the state to Osogbo, Osun State, National Distribution Centre before being rationed back to it.

However, the state government appears ready to tackle the problem as it had recently announced a decision to take over the completion of the multi-million naira power sub-station at Ganmo, on the outskirts of the state capital, following the failure of the Federal Government to continue with the project under the 2008 budget.

Commissioner for Works, Alhaji Razaq Astunwa, who made the disclosure while briefing reporters on the outcome of the weekly State Executive Council (SEC) meeting, said the decision to take over the power station was to stem the unacceptable slide in power supply, which has impacted negatively on developmental activities.

The project will cost N608 million being balance for the N900 million on shore component of the project.

Already, the Federal Government has paid 15 million euros as part of the off shore component and has opened letters of credit for the balance of 30 million euros before the stoppage.

Last year, the SEC set up a committee under the Deputy Governor to liaise with the distribution station at Osogbo, on the protracted energy crisis.

But Atunwa said while the team had completed its assignment and achieved some results, government was no longer ready to allow the slide hence the decision to take over the Federal Government project with hopes that the state would be later reimbursed.

When completed, the station would generate some 120 megawatts of energy which the state needs instead of depending on Osogbo for rationing.

The project is expected to be completed by May 2008.

The leadership of the Nigeria Labour Congress (NLC) has also described the commissioning of the Exchange as a good omen, particularly the decision to float a share acquisition scheme for workers.

NLC chairman Emmanuel Ayeoribe praised the vision behind the project with the hope that it would improve the economic fortunes of many people.

Former AC governorship candidate Senator Suleiman Ajadi also commended the establishment of the exchange, saying it would improve the economic well-being of Kwarans and other residents of the north central region.

Interest among the community of stockbrokers is already growing in the exchange with the Special Adviser on Economic Planning, Mr.Demola Banu, confirming that about 20 firms had indicated interests to put up shops in the state. It is hoped that the number may increase to about 30 in the days ahead.

Those who witnessed the event include former Chief Justice of the Federation, Justice Alfa Belgore, Deputy Governor, Chief Joel Ogundeji, Mrs. Morenike Saraki, wife of the Second Republic Senate Leader, Dr. Olusola Saraki, Acting Chief Judge of Kwara State, Justice, Fola Gbadeyan, Speaker of the Assembly, Alhaji Bio Ibrahim and former Speaker of the Assembly, Pastor Benjamin Yissa.

Others are the Emir of Ilorin, Alhaji Ibrahim Sulu Gambari , Director General of the Stock Exchange Commission (SEC), Mr. Musa Al-Faki and a host of other traditional rulers as well as the management staff of the NSE.