Covid-19 Lockdown: Kogi Overtakes Lagos in Investments, NIPC
Do you remember when Governor Yahaya Bello said this in May 2020?
Do you also remember when Governor Yahaya Bello said this in June 2020?
Fast forward to this day, December 2020, the Nigerian Investment Promotion Commission (NIPC) has just reported that Kogi state has overtaken all states in the Federation including Lagos, to become Nigeria‘s top Investments destination for the third quarter of year 2020.
Recall that earlier this year, all states in Nigeria locked down their economies and closed businesses causing a drastic fall in IGR, unemployment and total economic shut down, with the 2nd recession in 5years and worst in over 30years.
The Commission publishes NIPC Intelligence Newsletter 6 days a week, and through it, a total of 13 projects across 8 states were tracked. 3 of the investment announcements were start-up enterprises in health care delivery, and information and communication technology (software development).
Kogi State received the largest share of the investments announced with US$1 billion, followed by Lagos State with US$239 million, Ogun State with US$75 million and Cross Rivers State with US$15 million.
On a sector basis, the top destinations were the transportation sector which received (66%), manufacturing (27%) while information and communication, and mining and quarrying received 3% and 2% respectively. Other sectors, agriculture, and human health and social services collectively accounted for the remaining 2%.
NIPC’s Intelligence Newsletter publishes Nigerian investment-related news culled, from various sources. It is also reported that there is a 57% fall in these Investments across the country compared with the 2019 report.
While for Kogi, it is an incredibly increase in Investments.
The Report gives a sense of investors’ interest in the Nigerian economy. NIPC did not independently verify the authenticity of the investment announcements but is working on tracking the announcements as they progress to actual investments.