Osun, 8 Others Lead Largest Economies In Nigeria — Renaissance Capital

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Renaissance Capital, a leading emerging markets investment bank in Africa, has revealed that Osun, Ekiti, Lagos and Oyo  states are the leading economies  in Nigeria.

Among the ranks include two Oil producing states, Akwa Ibom and Rivers state while Kano, Katsina and Kaduna made the list of highest per-capita income from the northern part of the country. According to experts from Renaissance Capital, consumer companies are likely to find the greatest opportunities in states with highest per-capita income.

They noted that Akwa Ibom and River states in the South South region and Osun state in the southwest will embrace retail banking, given the opportunities for banks to expand services and employees  in  those states with high per-capita income and high population densities  will provide the footfall required for a bank to open a branch nationwide.  The report states that “We think consumer companies are likely to find the greatest opportunities in states  with greater purchasing power, as indicated by  relatively high per capita income, including Lagos, Oyo and Osun in the south west and Kaduna and the Niger Delta states.”

On  assumption of office in 2010, the  administration of Governor Rauf Aregbesola had  blocked all the leakages that were existing in the state revenue which jerked up the state internally generated revenue from N300million to N1.6billion.  Governor Aregbesola also  promised to put the state of Osun with a population of 4 million on the path of socio-economic development. The formulation of right economic policies has been attributed for the growth in the economy of the Osun from N110 billion Gross Domestic Product (GDP) recorded in 2010 to over N800 billion last year.

The GDP is the measure of economic activity. Thus, there are diverse economic activities which include trade, transportation, energy, mineral, energy, telecommunication, construction, agriculture and  manufacturing,  The ranking of Osun above Anambra, Enugu , Imo and Ebonyi among others implies that the level of economic activities in Osun is higher than these states. The steady investment in infrastructural development like dual carriage roads, power, hospitals and education among others contributed to the growth in the GDP of  Osun.

Aregbesola has also embarked on the construction of  an international airport with the longest runway in Africa. Hence, the activities of various constrution companies on site for these infrastructural development projects contributed in no small measure to the boost in GDP.   Another factor attributed to the improvedment in economic activities is the existence of  six  Universities including Obafemi Awolowo University , Osun State University , Bowen University ,Heritage University , Oduduwa University and Ladoke Akintola College of Medicine The GDP is also rising as result of proactive programme of the following tertiary institutions including Federal Polytechnic Ede, Osun State Polytechnic Iree, Osun State College of Technology Esa Oke and Osun State College of Education, Ilesa. The State is also targeting N10billion IGR.