Lagos State is unarguably the investment destination of the country with the state attracting $5.39 billion investment in the last four months even with the outbreak of the COVID-19 pandemic.
The investment inflow into the state represents over 87 per cent of the $6.17 billion. Lagos is followed by the Federal Capital Territory which attracted a total investment inflow of $754.01 million.
Niger State attracted a total investment inflow of $11.60 million with Sokoto State attracting $2.50 million, while Kaduna State attracted the sum of $1.98 million and Ogun $1.70 million. Kano and Akwa Ibom states recorded investment inflow of about $700,000 and about $237,000 respectively among others.
About 21 states in Nigeria attracted zero investments during the period, according to data from the Central Bank of Nigeria. The states that recorded zero investment within the period, March to June include Rivers, Ondo, Edo, Sokoto, Oyo, Abia, and Anambra.
Others are Adamawa, Bauchi, Benue, Borno, Cross River, Delta, Ebonyi, Enugu, Imo, Kastina, Kogi, Kwara, Osun, Oyo, Yobe, and Nassarawa states.
The report also detailed the total amount of fresh investments attracted to the Nigerian economy during the period. The states that failed to attract investments during the period under review also failed to attract any investments in 2019.
Many investors are shunning Nigerian accusing the country of habouring an unfriendly investment climate, high cost of doing business and corruption.
… Unveils smart meter initiative to improve electricity access
Lagos State Government through its Ministry of Energy and Mineral Resources, in collaboration with the Eko Innovation Centre, has unveiled a Smart Meter Initiative, tagged, “The Lagos Smart Meter Hackathon 2020”.
The initiative is expected to leverage the availability of local talents in Nigeria to develop and produce affordable smart electricity meters for consumers.
It is expected to significantly reduce the revenue leakages in the sector, and ultimately improve last-mile electricity supply.
Lagos State Governor, Babajide Sanwo-Olu said at the launch that the project “marks a significant milestone in the implementation plan of the Government towards improving access to electricity in the state, and it is also in line with the Sustainable Development Goal 7 of the UN, which aspires to drive universal access to affordable, reliable, sustainable, and modern energy for all by 2030.”
Sanwo-Olu added that increased electricity access is one of the priority mandates of his administration given its significance in ultimately driving economic development of the State, to enable it achieve the objective of making Lagos a 21st century economy.
He said the Lagos Smart Meter Initiative is an important way for the government to demonstrate its commitment to improving electricity access and reliability for Lagosians.
“We believe that adequate metering of Lagosians and in turn Nigerians, would increase willingness to pay for electricity, improve productivity, and more importantly, continue to improve the living conditions of our people,” he added.
In his keynote address, the Minister of State for Power, Goddy Jedy-Agba, explained that local design and production of affordable meters would be transformational for the industry and the economy at large, and therefore urged all to support it
“Electricity is an essential service, and we need to ensure that the benefits of smart meters flow to everyone. I call on all relevant stakeholders in the sector to support this innovative and impactful initiative – industry regulators, electricity sector players, technology experts, and fund providers,” he added.
Commissioner for Energy and Mineral Resources, Olalere Odusote, said the initiative was expected to provide access to affordable smart meters for Lagosians to improve electricity supply, monitoring, and trust between electricity providers and end users while preventing revenue leakages. He added that the project is also expected to drive innovation and creativity while generating new interest in young people for the sector.
Odusote noted, “Over the years, despite significant investments and resolutions around power generation and distribution, there remains a huge metering gap of over 60% of electricity consumers in Lagos and Nigeria. This metering gap is what we are seeking to bridge through the Lagos Smart Meter Hackathon.”
