- Oyetola, Ambrose-Medebem others roll out initiatives to attract, retain investments
Lagos State Governor, Mr. Babajide Sanwo-Olu, on Tuesday reiterated his administration’s commitment to continuously create an enabling environment for both local and foreign businesses to thrive in the State.
He said the Lagos State Government will continue to implement policies and initiatives that will attract and retain investments.
Governor Sanwo-Olu spoke on Wednesday during the Lagos Chamber of Commerce and Industry International Business Conference, Expo 2024, themed ‘Invest Nigeria’ held at the Eko Hotels and Suites, Victoria Island, Lagos.
The Governor, while speaking on his administration’s commitment to “Making Lagos 21st Century Economy,” disclosed that Lagos is focusing more on infrastructural development in public transportation, logistics, digital ecosystem, agriculture, and others to boost foreign investors’ confidence in the state, which will create employment opportunities for the teeming youths.
He said: “Lagos, Africa’s economic hub, offers a conducive business environment, a strategic location, a vast market, and a pool of energetic talent. Our administration has implemented and continues to implement policies and initiatives to attract investments, create opportunities, and drive growth.
“One key area of focus for us is infrastructure development: upgrading and expanding our transportation and logistics networks, telecommunications, healthcare, education, and digital ecosystem infrastructure. We are well aware that the kind of growth that we seek to unleash will not happen without a solid foundation of infrastructure that is able to keep ahead of our rapidly growing population.
“As one of Africa’s startup capitals, we are especially keen to invest in digital infrastructure to power the innovative ideas of our people. Agriculture and food security are also priorities, in line with a national focus on these areas.
Lagos may be the State with the smallest landmass in Nigeria, but I can boldly say that our land disadvantage is more than offset by the boldness with which we are embracing the boundless opportunities in processing, value-addition and logistics.
“This is why we are building Africa’s largest food logistics hub, here in Lagos. When completed, it will be able to hold enough food to supply Lagos for 90 days in the event of shortages and serve millions of farmers, traders, and other players in the agricultural value chain.
“We are developing our tourism and entertainment sector with various investments in hospitality, leisure, and cultural infrastructure to showcase the best of Lagos and Nigeria. From the John Randle Centre for Yoruba Culture and History to the revamped National Theatre to a 10,000-seater purpose-built entertainment arena that saw a groundbreaking earlier this year. Lagos is asserting itself as Africa’s true cultural capital, building on the global acclaim that comes with being the hub and source of Afrobeats and Nollywood.”
Governor Sanwo-Olu stressed further that “We will continue to roll out incentives for investors, from tax breaks and waivers to streamlined regulatory processes and a judicial system that is competent, efficient, and guarantees the sanctity of contracts and property rights.
“This is not mere talk. Yes, first we talk the talk, and then, in the truly can-do spirit of Lagos, we walk that talk. The results are around us. Lagos today is home to the largest single-train crude oil refinery in the world, as well as Africa’s largest Granulated Urea Fertiliser complex. Earlier this year we welcomed the longest submarine cable in the world, when it made a landing in Lagos, the latest of several transcontinental cables to land in Lagos, backed by companies like Meta, MTN and Orange.
“Lagos is now home to two new Rail Mass Transit lines, and counting. Healthcare investment is flooding in, delivering world-class public and private medical facilities. One of these is the largest children’s hospital in Africa, which the Lagos State Government is building.
“As a government, we will continue to create and ensure a business-friendly environment in Lagos State, and continue to keep our doors open to all interested investors and partners. I therefore invite you to take advantage of these opportunities and partner with us to build a prosperous future for Nigeria and all her people.”
Governor Sanwo-Olu also commended the President and Chairman of Council of the Lagos Chamber of Commerce and Industry (LCCI), Mr. Gabriel Idahosa, and his team for their dedication and commitment to the development of our dear State.
He said, “LCCI fully deserves its prominence on our business and investment landscape for the sense of belonging, guidance, and support that it provides to all its members.”
Speaking earlier, the Minister of Marine and Blue Economy, Alhaji Adegboyega Oyetola, said Nigeria’s location and abundant resources give room for investments in the country, adding that the Federal Government is committed to promoting export-oriented businesses and attracting more investments.
He also reiterated the President Bola Tinubu administration’s commitment to enhancing port security and battling other marine crimes.
Oyetola disclosed that in order to attract investors, the Federal Government has given incentives to would-be investors, noting that some of the incentives include exceptions from customs duty to promote industrial development, licensing of several export processing terminals, and the provision of infrastructural support that ensures industries have a transparent framework with which to operate.
The Minister therefore urged the business community to take advantage of the Federal Government’s incentives by engaging in capital intensive ventures such as offshore renewable energy.
Also speaking, Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs. Folashade Ambrose-Medebem, assured investors that Lagos is open for business, noting that various opportunities are open to both local and foreign investors in Lagos State.
She said the Ministry of Commerce, Cooperative, Trade and Investment, has the mandate to attract investors to Lagos, which, according to her, contributes more than 30 percent of the Gross Domestic Product of the country.
Ambrose-Medebem while expressing the Babajide Sanwo-Olu administration’s commitment to providing an enabling environment for businesses, said the State Government has set up infrastructure to ensure ease of doing business, attract investors, and retain them.
During the event attended by members of the Diplomatic Corps, entrepreneurs, captains of industries, and other stakeholders in the business sector, discussion sessions were held on opportunities and prospects in Nigeria for international trade, understanding the regulatory environment for investing in Nigeria, and bilateral business sessions.
