21st September, 2020
By Kazeem Ugbodaga
A new report by Oxford Business Group (OBG) has revealed how Kaduna State, Northwest Nigeria attracted $2.61 billion Foreign Direct Investment (FDI) in the first six months of 2020.
The report was produced in partnership with the Kaduna Investment Promotion Agency (KADIPA) on the occasion of the 5th edition of the Kaduna Economic and Investment Summit (KADINVEST).
The report examines the steps taken to enhance the state’s business environment, which helped it to attract $2.61bn in FDI in the first six months of 2020, according to the Nigerian Investment Promotion Commission, making it the country’s top investment destination.
OBG’s report contains detailed analysis of the sectors that are driving growth across Kaduna’s economy, including: agriculture; energy and power; industry; construction and real estate; and ICT.
Segments that have been identified as ripe for development, such as the agri-business component, are a particular focus. Here, OBG explores the state’s plans to further expand value-added production and processing.
With transport infrastructure a key element of Kaduna’s development plans, the report shines a spotlight on the projects that have been completed across the state and others in the pipeline, including railways, road networks and dry ports.
The state’s response to the COVID-19 pandemic is also covered with key insights provided by the Chair of the Kaduna State Standing Committee on COVID-19 and Deputy Governor of Kaduna State, Dr. Hadiza Balarabe.
The Report: Kaduna 2020 also contains an interview with Nasir Ahmad El-Rufai, Governor of Kaduna State, in which he outlines how Kaduna’s progress in facilitating business procedures has translated to inward investment.
“Kaduna’s performance in the World Bank’s ease of doing business index has been instrumental in attracting investors. Since 2015 Kaduna has secured investments in excess of $180m” he told OBG.
Andrew Jeffreys, OBG’s CEO, said that although the twin challenges of Covid-19 and lower oil prices would inevitably weigh on growth in the immediate term, Kaduna’s resilience in the face of the pandemic bodes well for its future plans.
“Kaduna took swift and effective measures in response to the coronavirus pandemic, while key infrastructure projects continued in the first six months of the year with minimal disruption,” he said.
“Looking ahead, we expect the ICT sector to expand on the back of planned investment in digital infrastructure, while a sharper focus on food security during the pandemic could lead to an increase in the production of essential food products.”