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Nairaland Forum / Nairaland / General / Politics / How South East Lost Out In $93b Foreign Investments (29333 Views)
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Re: How South East Lost Out In $93b Foreign Investments by Kennydoc(m): 9:55pm On Aug 12, 2020 |
totit: Lagos is the most populous state in Nigeria and by a wide margin has the highest population density. It has over 20 million people trapped within about 3500km². No other state can boast of a quarter of that population density. Abuja hasn't failed. It has only been a capital city for less than 30 years compared to Lagos which was a capital long before independence. It was a bush before it became a capital city, while Lagos was a very thriving port city before it became capital city. Also, Abuja population is less than 4m now. Despite that, it has been attracting lots of investment especially in real estate. You also need to remember that Abuja has no sea ports, so I wonder how much economic activities it can sustain. Ogun state is receiving overflows from Lagos now. It's very difficult to build industries in Lagos now cos of cost of land. Ogun has enough land and is close to Lagos. The industries can thus be built in Ogun and the products easily transported to Lagos whether for sales or for export. 2 Likes |
Re: How South East Lost Out In $93b Foreign Investments by Goke7: 9:55pm On Aug 12, 2020 |
The SE with all their mouth should develop their region and stop giving excuses, you can keep running away from the region and expect ghosts to develop and invest in it, someone needs to lead an agenda there and get to work. We already hear about some efforts in some parts of the region going on so consistency is key to reduce the mass emigration cos at the end, human resources are the greatest resource you need for development 1 Like |
Re: How South East Lost Out In $93b Foreign Investments by totit: 9:58pm On Aug 12, 2020 |
proeast: Mr man, the word ' fail ' in this case doesn't necessarily mean, failure '. I used the word ' regard ' to establish a point. Llool My point being, since you are flexing so much muscle shouting ' Lagos, Lagos factor about ' I simply asked, if abuja has been the Capital for the past 20 years now how come it has failed to surpass Lagos? Yoruba has the right to claim every shit in fact it that's not even opened for argument because they are the one at the aim of the gov and leadership of lagos. ![]() ![]() ![]() |
Re: How South East Lost Out In $93b Foreign Investments by Nobody: 10:02pm On Aug 12, 2020 |
Kennydoc:You should know the country you live in. There's a reason why it was SE that was dragged out of all regions. Anything to attack them. 1 Like |
Re: How South East Lost Out In $93b Foreign Investments by Ajseyi89: 10:04pm On Aug 12, 2020 |
[quote author=rdokoye post=92745877] I know it's Yorubaland, that's why I said OUTSIDE LAGOS. Another obtuse individual. Using Lagos, defeats the entire purpose of my argument. The vast majority of Yoruba people, live in those other 5 Yoruba states. That's what I'm trying to draw attention to. There's no infrastructure projects going on in Osogbo, for example. [lol....numerous infrastructural projects everywhere bro...example is the Ilesa new town project owned by a Yoruba man in osun state...Engr. omole precisely...it was commisioned by rauf aregbesola in 2018...just type Ilesa NEWTOWN on google...and get the facts bro..] |
Re: How South East Lost Out In $93b Foreign Investments by totit: 10:04pm On Aug 12, 2020 |
Kennydoc: No, lagos is not. Do your research. Overflowing you all often claim, so, the nearest state to Abuja couldn't tap from that as well? And Anambra, which I believe is the most industrialized ( this is contestable thou) couldn't share the same with her neighboring state, enugu and co? And porhacourt? And lastly, just like you said, abuja has been the center for the past 30 years ![]() You must listen to yourself dude. Listen oo ![]() It is well. |
Re: How South East Lost Out In $93b Foreign Investments by Goke7: 10:05pm On Aug 12, 2020 |
Kennydoc: Ogun state simply took advantage of the multi-tax system in Lagos to attract investors and industries to itself. Despite that in my opinion cos am from Ogun state, I still feel the state is not doing well enough especially in infrastructure. In all, every state in Nigeria has one edge it can build upon, it only takes good thinking from those who govern the state. Lagos won't have been making any revenue from the ports if not for Tinubu as governor who went all the way to the supreme court to get an enforcement of the warf landing fees Lagos continues to collect today. Kemi Adeosun as finance commissioner spearheaded the incentives given to industries which attracted them to Ogun state as a result of the tough tax system in Lagos. We abuse some of these folks but we don't know the silent underground work they did for their states in what has become giant strides. You can have all the advantages but with no creative ideas, you ain't going anywhere 2 Likes |
Re: How South East Lost Out In $93b Foreign Investments by lucasalves: 10:15pm On Aug 12, 2020 |
rdokoye: Note, there are levels to investment. 1) You invest where the market is ( proximity to market) . South East ain't the place, hence the uptick in the amount of people leaving the region to establish elsewhere. 2) If you really think innoson can break even with it's bulk of purchases from the FG and State governments, then I have a bridge to sell you in Lagos. Yes, it's investment but not on the scale of those you see in Lagos, mind you Dangote is about completing his refinery in Lagos. It's the bitter truth that the South East could have been better if the States unite and position the region as an investment hub. 3). True local investors should not be ignored but foreign investors are just as important (and in the case of Nigeria even more important cos of the gross misappropriation of funds by government officials). Even the U.S held up as a model for a good economy has the largest number of foreign investors. Any guesses as to why? ( because they are not like us waiting for the government to do everything for us, they invest heavily in infrastructures which is the number one factor in attracting investment). So, to say it as it is, Nigeria more than ever is in need of more foreign investors than local ones. 4) It's nice you mentioned real estate, do you know how developed countries encourages the growth of this sector? (mortgages, use of a reliable credit rating system). That is non existent in Nigeria and the average Nigerian would rather buy his/her own land and build on it for as long as it takes. ( How many Nigerians can afford that? Off a less than 100$ minimum wage) Anyone can choose what to write about, this particular happens to write about Fdi's, you can write one on Nigerian local investments. In the grand scheme of things, if we are not ready to over develop our agricultural sector, we will continue to rely heavily on foreign investment. |
Re: How South East Lost Out In $93b Foreign Investments by amaridigital(m): 10:18pm On Aug 12, 2020 |
rdokoye: Brother, there is no need for regional comparison here. No nation ever downplay the importance of foreign investment. That's why almost every nation on earth have investors visa category. You bring your cash, you and your family automatically becomes permanent residents or citizens in some countries. Every nation encourage both local and foreign investment through favorable policies and initiatives. Don't downplay the importance of foreign investment because some regions are not doing enough. These are verifiable data. It's unwise to change the narratives all the time just to massage your ego. |
Re: How South East Lost Out In $93b Foreign Investments by Kennydoc(m): 10:26pm On Aug 12, 2020 |
totit: Bros, Lagos is the most populous state in Nigeria. It's given to Kano for political reasons but in reality, we all know it is Lagos. Before Jigawa was created from Kano, it was on paper only slightly more populous than Lagos. After it was created, Kano still remained more populous on paper. As at during the last census in 2006 when they credited about 9 million each to Lagos and Kano with Kano being slightly more populous, Tinubu carried out a parallel census then and Lagos had over 15 million. Abuja is only a political city. It is being built on oil money. Abuja landmass is massive. The developed part of the FCT hasn't even taken up to 5% of FCT landmass. How then do you expect an overflow? In case you don't understand what I mean by overflow. Let me explain better. When a city is expanding in infrastructure and population, if their landmass gets consumed, the development spreads into the neighbouring towns and villages and sometimes, those towns and villages are consumed by the city and become part of the city's metropolitan area. London metropolitan area is far bigger than London city. Same with other big cities in the world. In Anambra State for example, you will never notice when you cross Onitsha into Nkpor, Obosi, Nkwelle Ezunaka etc, as the development has moved from Onitsha into those neighbouring communities now. Awka Capital Development Area includes Amawbia, Nise etc which are individual towns on their own just like Awka. Anambra has never been the most industrialised state by any standard. Even in the South East, it's debatable if it is more industrialised than Abia. That said, there can't be overflow from Anambra to any other state yet cos it doesn't even have enough yet. Anambra isn't yet "filled up". In case you still don't understand the influence Lagos has on the development in Ogun State, let me tell you about my cousin. He lived in Lagos for many years. He's a trader. When he wanted to build his house, he bought a land in Magboro Ogun State and built it. That's where he lives now, while his business is in Lagos. Has Washington DC overtaken New York City despite being the capital of the US for over 230 years? How then will Abuja overtake Lagos when it isn't even a commercial city? Does it have a sea port? How many multinational companies have their headquarters in Abuja? 3 Likes |
Re: How South East Lost Out In $93b Foreign Investments by totit: 10:29pm On Aug 12, 2020 |
Kennydoc: Bro, I choose to work with what I can verify and except you have one? I am sorry I disagree with you until proven. Cheers. |
Re: How South East Lost Out In $93b Foreign Investments by Kennydoc(m): 10:34pm On Aug 12, 2020 |
totit: https://en.m.wikipedia.org/wiki/List_of_Nigerian_states_by_population Perhaps we can start with this Wikipedia article.
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Re: How South East Lost Out In $93b Foreign Investments by Mraphel: 10:41pm On Aug 12, 2020 |
Maduawuchukwu:What of Oyo state? |
Re: How South East Lost Out In $93b Foreign Investments by totit: 10:43pm On Aug 12, 2020 |
Kennydoc: Good! But I insist, population is not the major factor here for, if that's the case kanu state should follow lagos state behind. The question begging for answer is, what attracts people to Lagos, and don't tell me it's because it's the former capital because if that's the case Abuja should take the lead by now. It all still boils down to the fact that Lagos is doing something right. 1 Like |
Re: How South East Lost Out In $93b Foreign Investments by gwafaeziokwu: 10:46pm On Aug 12, 2020 |
OROSUNBOLB: You can go ahead and choke on that your fake advise. You need it more. All what you said has no direct bearing to the qoute you mentioned. Which noise? We are not the ones who go about town calling ourself the most sophisticated tribe. We do our thing and it makes us happy, why are you Pained on our behalf. |
Re: How South East Lost Out In $93b Foreign Investments by Kennydoc(m): 10:50pm On Aug 12, 2020 |
totit: It's a combination of factors which include: 1. Its population, which means a ready market for almost any business. 2. It is the commercial capital of Nigeria which is the reason why the headquarters of most multinational corporations are located there. Even the commercial banks all have their headquarters there except for a few like Unity Bank. The Nigerian Stock Exchange is headquartered there too. 3. It has the most active sea ports and over 90% of imports into Nigeria enter through there. 4. It has the busiest airports (which is as a result of its population and commercial status) 5. As a former capital city, it enjoyed a lot of infrastructure just like Abuja is enjoying now. The difference is that Abuja was a bush before it became capital city. It was only chosen cos it is located at the centre of Nigeria. It has no economic advantage over any other city, not even PH, Enugu, Owerri etc. 1 Like |
Re: How South East Lost Out In $93b Foreign Investments by Mraphel: 10:51pm On Aug 12, 2020 |
AfonjaConehead:Y u pretending to be laughing when is d other way? ![]() |
Re: How South East Lost Out In $93b Foreign Investments by earnit3: 10:57pm On Aug 12, 2020 |
Oj |
Re: How South East Lost Out In $93b Foreign Investments by Obi1kenobi(m): 11:02pm On Aug 12, 2020 |
The SW and North Central (mostly Abuja) accounts for about 99% of FDI. I'm not sure why the author singled out the SE and claimed we've had the lowest foreign investments when his/her own numbers show that the North West and North East ranks lower and the SS which has far greater economic power and oyel money are even bigger underperformers than the SE, considering their massive resources. The reasons given for our underperformance are nonsense. The SE lacks investment cos we're the poorest in natural resources and the only region with no international borders or sea access, and we have by far the lowest federal presence and investment of any region in Nigeria. That is the simplest reason why. Also tired of the Ogun hype as if their state government has done anything spectacular to attract investment. Ogun's industrial revolution came from 2 main factors: 1) They are well located in convenient proximity to Nigeria's largest consumer market - Lagos. Ogun is now to Lagos, what Lagos Mainland was to Lagos Island. Especially as the Lagos State Government have continued to create burdensome regulations on businesses, Ogun has become the choice location for those who want access to Lagos' market without all the challenges of Lagos. If Ogun swapped geographic positions with Ebonyi, or even Ekiti, there is no miracle they can perform to attract those investments. 2) And related to (1) above, Ogun is well served by the infrastructure base to facilitate industrial expansion: including gas pipeline infrastructure to serve huge industrial clusters and power supply. To attribute these differentials to a matter of policy framework is false and driven by mischief. If you're a foreign investor who wants to build, say, an FMCG manufacturing or packaging plant, the 2 reasons above would form 90%+ of your considerations and you'd end up choosing Lagos or Ogun as your site. Other regions are not as well-served with infrastructure. We still get well over 90% of our refined crude products from Lagos ports and tank farms while long coastlines from Ondo to Calabar are wasting away. That should tell you that magnitude of failure of the FG that have doomed other regions. 3 Likes |
Re: How South East Lost Out In $93b Foreign Investments by stieyven(m): 11:05pm On Aug 12, 2020 |
ORIENTATION101:Remember that you shall be judged by every idle word you speak. Matthew 12 :36 DO NOT TAKE THE NAME OF THE LORD IN VAIN. The Lord will not hold him guiltless who takes his name in vain. EXODUS 20 :7 You'll do well to receive Jesus into your life. Tomorrow may be too late. John 3 :16 |
Re: How South East Lost Out In $93b Foreign Investments by totit: 11:10pm On Aug 12, 2020 |
Kennydoc: All of the above boils down to the point I have trying to establish. One will think that now that Abuja has taken the center it should be center of attraction and all. So, I am wondering, why? Do you know the the biggest refinary being built in Lagos was designed for Ondo and then Ogun but the opportunity abused because lagos state took advantage of the situation via attractive policy and provision of land? All I am seeing is that, lagos has maintained the status quo the gov is not relented. Do you know that oshodi was an eyesore for years before the gov took control of the situation and changed the face of it? |
Re: How South East Lost Out In $93b Foreign Investments by Wisfem: 11:12pm On Aug 12, 2020 |
[quote author=Sammy07 post=92735589] Read the wrote up very well. Even your leaders are concerned. [/quotep ] RIP TO ENGLISH |
Re: How South East Lost Out In $93b Foreign Investments by Obi1kenobi(m): 11:13pm On Aug 12, 2020 |
totit: Yes, being Nigeria's capital for 76 years matters. Abuja hasn't been capital for up to 30 years and go and look at Abuja now - a former remote bush. So don't make it out like that doesn't matter. The 3 bridges for example linking the Island and Mainland wouldn't exist if it weren't Nigeria's former capital. It's also Nigeria's main gateway since colonial times with the airport and ports precipitating urban sprawls. Lagos state government is not doing anything peculiar. If you gave many state governors Lagos' budget, they'd work wonders. I live in Lagos and I've always found it amusing how hyped the government is. There are historic and systemic reasons why Lagos retains its unique status, but it has nothing to do with the efforts of the state government. If anything, Lagos has the most hostile regulatory framework in Nigeria which extorts residents and businesses but people still can't leave cos this is where most of the opportunities are. 1 Like |
Re: How South East Lost Out In $93b Foreign Investments by totit: 11:14pm On Aug 12, 2020 |
Obi1kenobi: Don't be tired. Where were you when former ogun state gov was travelling upanda from Asia to Singapore, from Malaysia to America seeking investors all over the place? For your info, I followed that gov till the end and I know what I am talking about. Also, you should know better than no investors have in mind to invest in Lagos only to discover that there is another state near it can invest in. Investors don't just show up in a state or country without a target or any prior meeting with the state government. Loool |
Re: How South East Lost Out In $93b Foreign Investments by DEROX: 11:14pm On Aug 12, 2020 |
okpukpu:Remember Jonathan was also a president and what did he do for SE region? |
Re: How South East Lost Out In $93b Foreign Investments by Nobody: 11:16pm On Aug 12, 2020 |
totit:The thing attracting people to Lagos is the same thing attracting people to Accra. "That is where development began". It is only in Nigeria that simple explainable and straight forward economic phenomena are given ethnic explanations. When westerners brought western development,they landed in Lagos. Their interactions with Nigeria began there. Lagos by convention became the capital of this country. All economic and political interactions with the outside world began from there and began spreading inwards. The first school was built in Lagos, the first storey building, the first car was driven in Lagos. All the seaports that sustain the economy of Lagos was built by whom, the FG of course. The Lagos international airport? Yeah same FG. Okay, let's say that there's some special strategy Lagos govt is using to attract investors. You tell me, what is it? Compare Lagos to other economic Giants in Africa, and see how poor infrastructure is in Lagos. Lagos is still facing the same infrastructural challenges faced by every other state in Nigeria. Poor power supply, inadequate water supply,bad roads,poor health care system, dilapidated and inadequate public schools and the frustrating touts you won't even find in other states; it's the same story everywhere. Lagos has no strategy,there is no business friendly environment in Lagos. Lagos is the top investment destination because by being the gateway to the country and former capital,it has simply gotten that advantage over other states that also have the same infrastructural challenges. Anything other than that would be an anomaly. It's like saying that Accra is the most developed city in Ghana because of the ethnic group that occupies it. Same thing for Nairobi,Addis Ababa, Abidjan etc. Like I said earlier, it's only in Nigeria that simple economic factors are attributed to claimed superiority of one ethnic group over another. 3 Likes |
Re: How South East Lost Out In $93b Foreign Investments by totit: 11:16pm On Aug 12, 2020 |
Obi1kenobi: Lagos had always been but the cake right from inception thanks to its natural resource; the seas and location. |
Re: How South East Lost Out In $93b Foreign Investments by totit: 11:19pm On Aug 12, 2020 |
Rgade: Well, well and well I guess it's divine and no fault of anybody then? It could have been anywhere else but Lagos was chosen. ![]() I disagree with what you said that lagos isn't making efforts. I think lagos is overwhelmed and so is her infrastructures. |
Re: How South East Lost Out In $93b Foreign Investments by Obi1kenobi(m): 11:19pm On Aug 12, 2020 |
totit: Really? Examples of these investors they were chasing all over Asia and wherever? Who said investors just show up in a country with their suitcases? Did I say that or you made it up? Stop deceiving yourself. It's entirely geographic. Again, if Ogun traded its geographic location for that of many hinterland states, they wouldn't have those industries. Pretending it's due to some masterful vision is nonsense. The answer is really that simple. Ogun's biggest natural resource is its proximity to Lagos. 2 Likes |
Re: How South East Lost Out In $93b Foreign Investments by gariepinus: 11:20pm On Aug 12, 2020 |
I wonder who is replying this illiterate called toti...?? Igbo's are one of the major pillars that hold this nation...in terms of FDI stuff SE tried...as long as it wasn't all about indigenous investment /SME... Nigeria need to be restructured or disintegrate...let's every nation go...coz we are different people in all aspect...we are not supposed to be one....coz of high level of animosity and tribalism... 1 Like |
Re: How South East Lost Out In $93b Foreign Investments by Obi1kenobi(m): 11:21pm On Aug 12, 2020 |
totit: Sure. It's location is its natural resource. You're making my point. But people pretend they "built" Lagos due to their strategic vision rather than just admitting its unique history and location made it the city it is today. 1 Like |
Re: How South East Lost Out In $93b Foreign Investments by totit: 11:24pm On Aug 12, 2020 |
Obi1kenobi: And I quote you ; Also tired of the Ogun hype as if their state government has done anything spectacular to attract investment. Ogun's industrial revolution[b] Yes, I stand by my statement because I followed the former gov and his programs. It takes efforts dude though I am not ruling out the fact that it closed approximate to Lagos isn't a blessing too it's just not the major factor. ![]() |
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