Lagos has the largest concentration of young, skilled, and educated workforce, including the largest tourism and entertainment industry in Africa and the best city for start-ups in Africa.
The Nigerian Investment Promotion Commission says Lagos is the seventh fastest-growing city globally, with the highest gross domestic product and internally generated revenue in Nigeria.
NIPC also noted that out of the 36 states and the FCT, Lagos had N398.7 billion IGR as of 2018, N1.2 trillion budget in 2020, and N5 trillion household consumption in 2019.
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, Adeniyi Adebayo.
The publication is a compendium of competitive advantages and key investment opportunities in each state to enable investors to appreciate Nigeria’s investment potentials.
Ms Sadiku, while presenting the document, highlighted various investment opportunities and comparative advantages across the states and the FCT to attract potential investors.
According to her, Lagos has the largest concentration of young, skilled, and educated workforce, including the largest tourism and entertainment industry in Africa and the best city for start-ups in Africa.
Ms Sadiku highlighted states’ competitive advantages, including Bauchi, Ekiti, Enugu, Kano, Sokoto, and Taraba.
She stated that Bauchi had N11.7 billion IGR in 2019 with over 4.2 million hectares of arable land with 2.4 million hectares untapped, adding that it spanned 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 tourism potentials.
She described Ekiti, with N8.5 billion IGR, as Nigeria’s knowledge capital due to its history of producing a disproportionately high number of professors and academics.
She said, “It has a knowledge-focused special economic zone and special agricultural processing zone with arable land and irrigation facilities. It produces cocoa, kola nut, timber, granite, among others.
“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.”
Ms Sadiku added, “Enugu 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., and a strategic gateway between the agricultural belt of the North and the manufacturing hubs of the South.”
Ms Sadiku further stated that Kano 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.
She also said Taraba, which had the largest tea farm in Nigeria, was endowed with mineral resources while its IGR was N6.5 billion in 2019.