A report by The Cable has indicated that Lagos remains an investor’s favourite in Nigeria as it tops the list of states that attracted the most investments in 2020, outshining other states and the Federal Capital Territory (FCT).
Legit.ng notes that the report which cited the Nationa Bureau of Statistics (NBS) as its source, shows that Lagos, Nigeria's economic nerve centre, attracted $8.31 billion in investments.
This represents 85.7 per cent of the total capital inflow into the country in the year 2020.
See the list below:
1. Lagos - $8.31 billion
2. Abuja (FCT) - $1.27 billion
3. Abia - $56.07 million
4. Niger - $16.36 million
5. Ogun - $13.39 million)
6. Anambra - $10.02 million
7. Kaduna - $4.03 million
8. Sokoto - $2.50 million
9. Kano - $2.38 million
10. Akwa Ibom - $1.05 million
Meanwhile, with a population of about N200 million people, the Gross Domestic Product (GDP) of over $400 billion, and the improved World Bank's Doing Business ranking, Nigeria is one of the best places to do business in Africa.
Considering the above factors, Legit.ng in a previous report highlighted top 10 business ideas Nigerians and other legal residents in the country can do which will yield high returns.
Top on the list is ride-hailing business. Though it has its challenges just as many other businesses, ride-hailing business is one of the most lucrative among the small businesses that can be explored in Nigeria.
In other news, President Muhammadu Buhari has reportedly revealed why his administration is building rail to the neighbouring Niger Republic.
The president stated that the completion of the Kano-Maradi rail line, will amongst other outcomes, create revenue for Nigeria, and also enable the people of Niger Republic to enjoy affordable transportation.
The Nigerian leader made the comment while performing a virtual groundbreaking ceremony for the standard gauge rail line on Tuesday, February 9.