Lagos becomes world’s 7th fastest growing city

According to Nigerian Investment Promotion Commission (NIPC), Lagos state is officially the seventh fastest-growing city in the world, with 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 households consumption in 2019.

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

The book is a compendium of competitive advantages and key investment opportunities in each 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 project which produced by NIPC in conjunction with the Nigeria Governor’s Forum (NGF) was 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.

“It has a knowledge focused Special Economic Zone and special agricultural processing zone with arable land 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 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, 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 on 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 on along with profiling of specific investment opportunities of each state,” she said.

Originally inhabited by the Awori subgroup of the Yoruba people in the 15th century with a population of 14,862,000 as of 2021, Lagos is the most populous city in Nigeria and the second-largest city in Africa.