Lagos, 7th fastest growing city globally —NIPC
The Nigerian Investment Promotion Commission (NIPC) has stated that Lagos state is the seventh fastest-growing city in the world, with the highest Gross Domestic Product (GDP) and Internally Generated Revenue (IGR) in Nigeria.
The commission also noted that out of the 36 states and FCT, Lagos state had N398.7 billion IGR as of 2018, N1.2 trillion budget in 2020, and N5 trillion household consumption in 2019.
Ms Yewande Sadiku, NIPC’s Executive Secretary, disclosed this on Monday, in Abuja at the formal launch of its ‘Book of States’ by Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo.
The ‘Book of States’ is a compendium of competitive advantages and key investment opportunities in each state, to enable investors to appreciate the investment potentials in Nigeria.
Sadiku, while presenting the document highlighted various investment opportunities and comparative advantages across the 36 states and FCT to attract potential investors as captured in the document.
Sadiku stated that the project was produced by NIPC in conjunction with the Nigeria Governor’s Forum (NGF) as a means to sell Nigeria by highlighting the uniqueness of each of the 36 states and the FCT.
The NIPC boss equally highlighted the competitive advantages of some states including Bauchi, Ekiti, Enugu, Kano, Sokoto and Taraba.
She stated that Bauchi State had N11.7 billion IGR in 2019 with over 4.2m ha of arable land with 2.4m ha untapped adding that it spanned two ecological zones (Sudan and Sahel Savannah).
According to the NIPC boss, Bauchi has high deposit of solid minerals such as gold, titanium, limestone, kaolin and zinc with tourism potentials.
She described Ekiti which has N8.5 billion IGR as the knowledge capital of Nigeria due to the history of producing a disproportionately high number of professors and academics.
“Sokoto State has rich fertile soil for the cultivation of many crops, the largest limestone reserves in Africa, largest phosphate deposits in Nigeria, and is endowed with gold, nickel, copper and zinc.
“It ranks second in livestock production in Nigeria and is also a major producer of rice, onions, garlic, and sesame, and possesses hydro (Goronyo), solar, wind, biomass and gas potentials.
“Enugu State houses the only international airport in the South East of Nigeria, presence of multiple Free Trade Zones in the state, large aggregation of technology, innovation, and start-up hubs.
“It has over 16 universities and tertiary institutions, abundant coal, iron ore, limestone, etc, deposits, and a strategic gateway between the agricultural belt of the North and the manufacturing hubs of the South,” she noted.
Sadiku further stated that Kano State had N40.6 billion IGR, the largest labour force in Nigeria, a major commercial and manufacturing centre in the West African Sub-Region and rich cultural and heritage values.