TOP 3: Nigeria Business Environment Update.
Recreational Centres to reopen in Lagos, Nigeria.
The Lagos State Government has announced the reopening of cinemas, gyms, and other recreational centers in the state. But they are expected to operate at just 33% of their capacity, which is a third of their capacity, and must comply with all COVID-19 safety measures.
However, bars, night clubs, spas, public parks, event centers, and such others are to remain closed until October 2020.
Kaduna: Top Investment Site in Nigeria
According to a report released by Oxford Business Group, Kaduna became the top investment destination in Nigeria during the first half of 2020, attracting $2.61bn in FDI as recorded by the Nigerian Investment Promotion Commission.
Since 2015 Kaduna has secured investments in excess of $180m. Singaporean agri-business firm Olam International has invested $150m in poultry facilities, while the African Industries Group is investing $600m to build a steel plant that is currently under construction.
The state has attracted many other small and domestic investments in the tens of millions of dollars. In total, companies have committed to investing nearly $2.1bn over the next two years.
Located in northcentral Nigeria, Kaduna has a land area of over 42,000 sq km. It is bordered by the states of Zamfara, Katsina, and Kano to the north; Bauchi and Plateau to the east; Nasarawa to the south; and Niger to the west. Abuja Federal Capital Territory also borders Kaduna to the south-west. The Kaduna State Bureau of Statistics estimated the population of the state at 8.9m and growing at a rate of 2.5% per year as of 2020, making Kaduna the third-most populous state in Nigeria. If population growth continues to follow this trend, the state is projected to have over 21m inhabitants by 2050.
COVID-19 Intervention: Nigerian FG launches MSME survival fund.
The Nigerian government has launched an initiative among other early released ones to support 500,000 vulnerable MSMEs in meeting payroll obligations of between N30,000 to N50,000 per employee over 3months. The initiative will also provide free Corporate Affairs Corporation Business Name registration for 250,000 new businesses across the country.
In addition, it is also meant to support the survival of 100,000 businesses most affected by the COVID-19 pandemic with N50,000 each, bulk purchase of products from 100,000 MSMEs to protect jobs and livelihoods, and provide 333,000 artisans and transport business operators with a N30,000 operations grant to reduce the effects of income loss.
