Lagos, the seventh fastest city in the world, Nigeria’s highest IGR – NIPC

The Nigerian Investment Promotion Commission (NIPC) says the state of Lagos is the seventh fastest city in the world with the highest gross domestic product (GDP) and highest income (IGR) in Nigeria.

The commission also found that Lagos State had an IGR of N398.7 billion from the 36 states and the FCT as of 2018, a budget of N 1.2 trillion in 2020 and consumption of N 5 trillion in 2019 would have.

Yewande Sadiku, Executive Secretary of the NIPC, announced this on Monday in Abuja at the official publication of his “State Book” by the Minister for Industry, Trade and Investment, Otunba Adeniyi Adebayo.

The Nigeria News Agency (NAN) reports that the “Book of States” is a compendium of competitive advantages and key investment opportunities in each state so that investors can assess the investment potential in Nigeria.

In presenting the document, Ms. Sadiku highlighted various investment opportunities and comparative advantages in the 36 states and the FCT to attract potential investors, as stated in the document.

According to her, Lagos has the greatest concentration of young, skilled and educated workforce, including the largest tourism and entertainment industries in Africa, as well as the best city for startups in Africa.

Ms. Sadiku stated that the project created by NIPC in collaboration with the Nigeria Governor’s Forum (NGF) was a means of selling Nigeria by highlighting the uniqueness of each of the 36 states and the FCT.

The NIPC chief also highlighted the competitive advantages of some states, including Bauchi, Ekiti, Enugu, Kano, Sokoto and Taraba.

She stated that in 2019, the Bauchi state had an IGR of N 11.7 billion with over 4.2 million hectares of arable land and 2.4 million hectares of unused land, adding that it had two ecological zones ( Sudan and Sahel Savannah).

According to the NIPC boss, Bauchi has a high deposit of solid minerals such as gold, titanium, limestone, kaolin and zinc with tourist potential.

She described Ekiti with 8.5 billion IGR as Nigeria’s capital of knowledge, as a disproportionate number of professors and academics has been produced in the past.

“It has a knowledge-oriented special economic zone and a special agricultural processing zone with arable land and irrigation systems. It produces cocoa, kola nut, wood and granite, among other things.

“The state of Sokoto has fertile soil for the cultivation of many plants, the largest limestone reserves in Africa, the largest phosphate deposits in Nigeria and is equipped with gold, nickel, copper and zinc.

“It ranks second in animal production in Nigeria and is also a major producer of rice, onions, garlic and sesame seeds. It has potential for hydropower (Goronyo), sun, wind, biomass and gas.

“The state of Enugu is home to the only international airport in southeast Nigeria, several free trade zones in the state, and a large collection of technology, innovation and start-up hubs.

“It has over 16 universities and colleges, abundant coal, iron ore, limestone, etc., deposits and a strategic gateway between the agricultural belt of the north and the manufacturing centers of the south,” she noted.

Ms. Sadiku said Kano State has N 40.6 billion IGR, the largest workforce in Nigeria, a major trading and manufacturing center in the West African sub-region, and rich culture and heritage values.

She also said that Taraba, which had the largest tea farm in Nigeria, was endowed with mineral resources while its 2019 IGR was N6.5 billion.

She noted that the “Book of States” was just one of many efforts to encourage investment opportunities in the country, adding that the Commission was working on other plans.

“The investment passport is another document that will identify investment opportunities in the states and will be useful.

“This is the next thing we’re working on along with profiling for certain investment Opportunities for every state, ”she said.


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