Business and Brands
Lagos Hits N398.7b IGR, Tops Other States
CityNews Nigeria reports that Lagos State recorded over N398.7 billion Internally Generated Revenue (IGR) on investment inflows from 2019 to 2020, making it rank first among the 36 states and the Federal Capital Territory (FCT).
Taraba State took the least position with N6.5 billion IGR inflows.
The details are contained in the latest report tagged ‘’Book of States” that was launched, yesterday, by the Nigeria Investment Promotion Council (NIPC) in Abuja.
The report also indicates that Lagos State was followed by Rivers State with over N140.4 billion IGR.
The detailed report also captured various budget figures of states, household consumption figures as well as a short history of states and investment potentials, among others.
In his keynote address at the launch, Minister of Industry, Trade and Investment, Otumba Adeniyi Adebayo, said that the document captured the competitive advantages and key investment opportunities showcased by each state, including the FCT, to help investors better appreciate the potential that can be found in Nigeria.
Adebayo appreciated the cooperation between the 36 state governors and FCT minister on the work. ‘’This shows how we are all collectively working together to ensure that Nigeria is properly positioned to provide first-hand information on the abundant opportunities and advantages available in our nation.
“It will also help us attract the right investments to Nigeria and improve on our productivity as a nation, create jobs for our people, and increase revenue generation for our country,’’ Adebayo said.
In his opening remarks, Chairman, Nigeria’s Governors’ Forum (NGF), Kayode Fayemi, also described the book as a compendium that provides both domestic and foreign investors with critical information on the comparative advantages of states and allows for more effective matching of investors with states.
The Ekiti State governor said:’’At the forum, which I have the privilege of chairing, identified investment promotion as a critical driver of economic development and job creation. We are not only ready to implement wholesale reforms required for our respective states to improve our individual and collective environments, but also ready to set up appropriate channels to lead investment promotion activities at the sub-national levels’’.
Fayemi who was represented at the occasion by the Director-General of Nigeria Governors’ Forum, Asishana Okauru, added: “National Bureau of Statistics says capital importation fell by almost 60 per cent from $24 billion in 2019 to $10 billion in 2020. This drop, fueled by the COVID-19 pandemic and the resulting crash of commodity prices, must be reversed in 2021. We must work together as federal and state governments to, in the first instance, take capital importation back to 2019 levels and use it as a launchpad for future growth’’.
- Entertainment8 hours ago
Newly wedded wife bathes her husband with hot water for stopping her from calling men
- Politics8 hours ago
Secondus ‘attacks’ Wike, backs Fubara on control of PDP structure in Rivers
- News9 hours ago
Traditional Ruler Declared Wanted By Army Over Delta Killings Surrenders To Police
- Top Stories9 hours ago
CBN Pegs Minimum Capital Base For Banks At ₦500 Billion
- Politics22 hours ago
Tinubu @72: Photos As Lagos Lawmakers Honour Nigeria’s President
- Entertainment8 hours ago
‘Mohbad’s Father Told Primeboy To Run Away To Escape Arrest’ – Late Singer’s Mother Opens Up
- Entertainment8 hours ago
Why Verydarkman may not be released anytime soon – Kelly Hassino
- Entertainment8 hours ago
50 Cent’s ex Daphne Joy accuses him of ‘r@ping’ and ‘physically abusing’ her