Lagos, 7th fastest growing city globally, Nigeria’s highest IGR – NIPC

The Nigerian Investment Promotion Commission (NIPC) says is the seventh fastest growing city in the world, highest Gross Domestic Product (GDP) and Internally Generated (IGR) in Nigeria.

The commission also noted that out of the 36 states and FCT, had N398.7 billion IGR as of 2018, N1.2 trillion budget in 2020 and N5 trillion households consumption in 2019.

Ms Yewande Sadiku, NIPC’s Executive Secretary, disclosed this Monday in Abuja at the formal launch of its ‘Book of States’ by Minister of Industry, and Investment, Otunba Adeniyi Adebayo.

The News Agency of Nigeria (NAN) reports that the ‘Book of States ‘  is a compendium of competitive advantages and key investment opportunities in state, to enable investors 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.

According to her, Lagos has the largest concentration of young, skilled and educated workforce including largest tourism and entertainment industry in Africa as well as best city for start-ups in Africa.

Sadiku stated that the which produced by NIPC in conjunction the Nigeria Governor’s (NGF) was a means to sell Nigeria by highlighting the uniqueness of 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 over 4.2m ha of arable 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.

“It has a knowledge focused Special Economic and special agricultural processing with arable and irrigation facilitate. It produces cocoa, kolanut, timber, granite among others.

“Sokoto State has rich fertile soil for 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 Zones in the state, 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, largest labour force in Nigeria, major commercial and manufacturing centre in West African Sub-Region and rich cultural and heritage values.

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

She noted that the ‘Book of States’ was just one, out of many efforts to promote investment opportunities in the country, adding that the commission was working other plans.

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

“This is the next thing we are working along with profiling of specific investment opportunities of state,” she said. (NAN)