Despite the gloomy economic cloudiness brought upon Nigeria as a result of Covid-19 in the outgone year, experts are suggesting an optimistic future for the economy of Kano State in the New Year.
The anticipated optimist outlook associated with the economy of the state, according to the experts, is predicated on the several public and private investments the state was able to attract last year, which is expected to be fully matured in the New Year.
One of the high profile investments that are driving the optimistic economic outlook is the multi-billion naira ‘Kano Economic City’ project, currently being executed through a public-private partnership (PPP), which is expected to generate additional value to the economy of the state, in term of income flow from corporate and personnel income taxes as well as the standardisation of the way drug business is being conducted in the state.
The first phase of the investment, which entails the development of an ultra-modern ‘Wholesale Drug Market,’ the first of its kind in the country, being developed with the bulk of the investment coming from members of the Pharmaceutical Council of Nigeria, in the Economic City, is expected to start yielding returns by February this year, when the market becomes operational.
This particular investment, according to Mohammed Aliyu, a legal practitioner, who is the chairman, board of directors of the Kano Economic City (KEC), is going to have positive spill-over effect on the state in the area of employment generation, as several skilled and unskilled job opportunities are going to be opened to Nigerians along the value chain within and outside the state.
According to Aliyu, other spill-over effect of the investment is that several global multinational drug manufacturing giants are going to establish their presence in the state, as a result of the new Drug Market, a situation that would lead to skill transfer and inflow of foreign exchange for the state.
The Kano Economic City, which is a PPP investment between the Kano State government and a private developer – Brains and Hammers, is situated at Dangwauro along Kano-Kaduna Expressway.
Abdulahi Gambo, project manager, Kano Economic City, revealed recently the plan to commission the new Drug Market, noting that it was an indication that the initial timeline of the six-year set for the complete entire project would be outshot.
