Statistics Indicates Laikipia's Economy Is Growing
Updated on: Oct 26, 2020
Laikipia County has a GDP growth rate of 8.9% while the national average growth stands at 5.6%. This trajectory is attributed to good organization leadership and flow of resources down to the grassroots.
Revenue collection has been on a sustained growth indicating 35% increase for the financial year 2018/2019.
The County Statistical Abstract 2020, points out to a steady county growth with an estimated County Gross Product (GCP) of KES 89 billion in 2018 and KES 98 billion in 2019 at current prices.
The county leadership has been moving in high gear to change the face of the county and create better business environment to raise incomes. The county is in the process of training all its officers to be able to offer business development services within their respective areas of service. This will enable the officers to move beyond outputs to outcomes that are impactful to the citizens.
The main reason why government exist is to facilitate others to grow, Governor Ndiritu Muriithi insists.
The county officials are expected to guide local Laikipia SMEs to grow into bigger entities to create employment and higher incomes. This means they must create an enabling and friendly business environment to facilitate growth.
Development comes when the county is able to produce goods and services for its own consumption instead of importing. In its latest survey on overall county business environment for MSEs, the Kenya Institute for Public Policy and Research Analysis (Kippra) ranked Laikipia among the top five counties.
The county has a vibrant innovation development program that has been hand-holding local innovators. To date the LIDP has helped 457 MSMEs, 142 in manufacturing, 136 in engineering, and 29 support partners.
In the year 2018-2019 alone, the growth of licensed businesses grew by 6,000 an indication of a good business environment attracting investors.
In the recent past financial institutions are coming up to offer loans for people to start a business or add stock to existing ones after Covid-19 devastation.
Latest County Statistical Abstract, indicates that agriculture remains the main contributor to the Laikipia Gross County Product with an estimated input of Ksh. 35 billion, a 44 per cent of the total CDP share.
Wholesale and retail business come in second at Ksh. 7.132 million in 2017, up from Ksh. 4.3 billion in 2013.
Financial and Insurance activities, and Transport and Storage come in second and fourth place with an estimated GCP of Ksh. 6.275 billion and Ksh 5.904 billion respectively in 2017, up from Ksh. 31.17 billion and Ksh. 3.17 billion respectively in 2013.
The government has partnered with several banks to come up with a financial kitty of Ksh. 3.3 billion. Anybody wishing to boost their businesses is encouraged to apply for the loan.
The county government will further reduce the amount a borrower will pay back to their banks. Laikipia government will be paying five per cent and the borrower seven percent instead of twelve. This is also a way to demonstrate the meaning of having SMEs at heart. In the just concluded one-week public participation, the government involved the public in discussing matters taxation.
The government intends to widen the tax base to allow more people to pay so that the general burden of few citizens may be shared.
The developments seen in one town like Nanyuki are reciprocated in all other towns like Nyahururu and Rumuruti. The latest business to open was Home Business Sacco in Rumuruti on 16th October 2020. Just a few weeks ago New Fortis Sacco and Chieni Supermarkets opened branches in Nanyuki town.
Revenue collection has been on a sustained growth indicating 35% increase for the financial year 2018/2019.
The County Statistical Abstract 2020, points out to a steady county growth with an estimated County Gross Product (GCP) of KES 89 billion in 2018 and KES 98 billion in 2019 at current prices.
The county leadership has been moving in high gear to change the face of the county and create better business environment to raise incomes. The county is in the process of training all its officers to be able to offer business development services within their respective areas of service. This will enable the officers to move beyond outputs to outcomes that are impactful to the citizens.
The main reason why government exist is to facilitate others to grow, Governor Ndiritu Muriithi insists.
The county officials are expected to guide local Laikipia SMEs to grow into bigger entities to create employment and higher incomes. This means they must create an enabling and friendly business environment to facilitate growth.
Development comes when the county is able to produce goods and services for its own consumption instead of importing. In its latest survey on overall county business environment for MSEs, the Kenya Institute for Public Policy and Research Analysis (Kippra) ranked Laikipia among the top five counties.
The county has a vibrant innovation development program that has been hand-holding local innovators. To date the LIDP has helped 457 MSMEs, 142 in manufacturing, 136 in engineering, and 29 support partners.
In the year 2018-2019 alone, the growth of licensed businesses grew by 6,000 an indication of a good business environment attracting investors.
In the recent past financial institutions are coming up to offer loans for people to start a business or add stock to existing ones after Covid-19 devastation.
Latest County Statistical Abstract, indicates that agriculture remains the main contributor to the Laikipia Gross County Product with an estimated input of Ksh. 35 billion, a 44 per cent of the total CDP share.
Wholesale and retail business come in second at Ksh. 7.132 million in 2017, up from Ksh. 4.3 billion in 2013.
Financial and Insurance activities, and Transport and Storage come in second and fourth place with an estimated GCP of Ksh. 6.275 billion and Ksh 5.904 billion respectively in 2017, up from Ksh. 31.17 billion and Ksh. 3.17 billion respectively in 2013.
The government has partnered with several banks to come up with a financial kitty of Ksh. 3.3 billion. Anybody wishing to boost their businesses is encouraged to apply for the loan.
The county government will further reduce the amount a borrower will pay back to their banks. Laikipia government will be paying five per cent and the borrower seven percent instead of twelve. This is also a way to demonstrate the meaning of having SMEs at heart. In the just concluded one-week public participation, the government involved the public in discussing matters taxation.
The government intends to widen the tax base to allow more people to pay so that the general burden of few citizens may be shared.
The developments seen in one town like Nanyuki are reciprocated in all other towns like Nyahururu and Rumuruti. The latest business to open was Home Business Sacco in Rumuruti on 16th October 2020. Just a few weeks ago New Fortis Sacco and Chieni Supermarkets opened branches in Nanyuki town.
