In the past seven years, Kaduna State has attracted significant investments and is progressively becoming a new commercial destination of choice in Nigeria. The state has created an investment portfolio totaling around $4.3 billion so far, with investments in manufacturing, solid minerals, retail services, and agriculture. Over 100,000 direct and indirect employment opportunities have already been produced. To remove obstacles for investments and the expansion of the fiscal space, careful planning was used to create a one-stop shop and operationalize the ease of doing business.
The state was ranked first in the nation by the World Bank for business ease in 2018. It has improved dramatically since it was at the 24th spot in 2014. Nasir El-Rufai, the governor of Kaduna State, claims that the government’s central agenda is based on creating an atmosphere that will allow the private sector to drive the economy while the government creates that environment. According to him, the government’s goal was motivated by the realization that the private sector offers the quickest means of producing jobs and boosting the country’s competitiveness for its burgeoning young population.
The Government has attracted a total investment portfolio of over $4b.
In the last seven years, the Kaduna State Government has attracted a total investment portfolio worth over $4.4 billion, which consists of actualized and announced projects, and has produced 75,750 direct and indirect jobs. The journey started in 2016 when the state hosted KadInvest 1.0, its first Economic and Investment Summit, drawing 25 domestic and international investments totaling $500 million. The Kaduna Investment Promotion Agency subsequently created a framework for investment regulation to encourage Public Private Partnerships and promote investment across many sectors.
The Kaduna state government released its 2016-2020 Development Plan and SIP during KadInvest 2.0 in 2017 as tools for achieving SDGs through the yearly financial framework. Consequently, since that time, infrastructure development has been largely funded by the state’s annual budget. Among the significant investments attracted to the state in 2017 are KADICT, Olam Poultry and Feed Mill, and Millennium City Mass Housing. Additionally, a three-year MoU was inked with USAID to support state economic growth and the introduction of the Eyes and Ears Citizen Engagement Platform. Additionally, the state’s Infrastructure Master Plan was unveiled in 2018 with the help of KadInvest 3.0. (2018-2050). Through local and international investments, a total of 14+ investments have been secured.
The Oxford Business Group Kaduna Report was launched.
While placing more emphasis on developing human resources, the state received 21% domestic investment and 79% foreign direct investment, including the new flagship Dangote Peugeot Automobile Plant. The Kaduna Industrial Master Plan became operational in 2019 thanks to KadInvest 4.0, which also saw a 300 percent increase in the investment portfolio. The state entered the Industry 4.0 phase during the event, focused on creating a knowledge-driven economy and modernizing industry. Infrastructure, industrialization, and innovation were the topics of KadInvest 5.0 in 2020, which also featured Nigeria’s first Sub-National Virtual Economic and Investment Summit. It also introduced the Public Private Partnership Policy and Manual and the Kaduna Report by the Oxford Business Group.
The state increased its investment portfolio by approximately $500 million despite the COVID-19 outbreak. Through its 5-year Development Plan (2021-2025), which holds the plan showcasing where the state wishes to go by 2025, the government focused on promoting the knowledge-based economy in 2021. El-Rufai claims that the strategy includes a “tourism catalogue to actively promote our tourist destinations and investment prospects to the global market. Additionally, it has the Skills for Prosperity plan, a demand-driven talents and education program that will give youngsters the top-notch skills that businesses require. President Muhammadu Buhari praised the state for becoming the preferred investment destination in Nigeria during the most recent investment summit, which took place from October 13 to October 17.
At the Kaduna Economic and Investment Summit various projects were opened.
The 7th Kaduna Economic and Investment Summit saw the full opening of a number of projects. Falgates Foods and Rice Mill, AFEX Aggregation and Processing Center, KASTLEA Vehicle Inspection Centre, Kaduna Galaxy Mall, and COP Fertilizer Company are a few of the organizations. Others include a movie village, the Muwaffaq Estate, Nuru Siraj Estate, and Rheyno Estate housing estates, as well as the Amsco Neighbourhood Center. The new Ease of Doing Business (EoDB) Charter 2022 introduction served as the event’s capper. Additionally, the Nigeria Export Processing Zones Authority (NEPZA) designated the state’s Green Economic Zone as a Special Economic Zone with Free Trade Zone Status and an Operational License.