Lagos ready to provide policy support for businesses — Sanwo-Olu

Lagos State Governor, Mr Babajide Sanwo-Olu, has said that the state is not only open and ready for business but also prepared to provide all the necessary policy support that would ensure businesses fully settle in and take off smoothly in the state.

Governor Sanwo-Olu made this commitment on Monday while speaking at the German-Nigerian Business Conference held at the Lagos Continental Hotel, Victoria Island, Lagos.

The Governor, who was represented by his deputy, Dr. Kadri Obafemi Hamzat, noted that the government had been very deliberate about implementing strategic policies and intentional in her goal of attracting investment into the state.

“Our overarching objective, through our T.H.E.M.E.S. Plus Development Agenda, is to foster an enabling environment by initiating and implementing policies that promote Ease of Doing Business and facilitating government continuous support that guarantees business success through sustainable practises and an inclusive economy,” Sanwo-Olu said.

This was just as he stressed that Lagos remains a top-receiving state for foreign direct investments (FDIs) and domestic direct investments (DDIs) because investors have come to know how attractive it is to invest in the state with guaranteed good returns on their investments.

The Governor expressed the commitment of his administration to prioritising investment from prospective German investors in critical areas such as building climate-resilient infrastructure in transportation, housing, health, agriculture, and other sectors.

Speaking further, Governor Sanwo-Olu said that the Bilateral Business Forum was coming at a crucial time for the nation when the majority of the conversation is built around strengthening its economy by attracting foreign direct investment, deepening domestic production, and growing the nation’s non-oil exports.

Sanwo-Olu said Nigeria had a lot of lessons to learn from Germany’s industrialization trajectory as the nation seeks to reverse its infrastructural deficit, build capacity across various production value chains, and develop its economy, just as he noted that Germany is a leading economy in Europe.

He, therefore, acknowledged the support that the German government was providing through the Deutsche Gesellschaft fur Internationale Zusammenarbeit (Nigeria)-funded “Pro-Poor Growth and Employment Promotion in Nigeria,” GIZ-SEDIN, a programme that is currently being implemented in Abuja, Niger, Ogun, and Plateau States.

He added that the state also welcomes the prospects of extending the programme to over 3.2 million MSMEs in Lagos State, with the belief that it would further improve access to financial services, among other benefits.

The Chancellor of the Federal Republic of Germany, Mr Olaf Scholz, equally noted that a stable, reliable, environmentally friendly power sector is the bedrock of economic development in Germany and Nigeria alike, disclosing that Germany was currently investing in real-time solar energy and, therefore, establishing the first market for hydrogen to power its industry.

Scholz further noted that Nigeria is Germany’s second-largest trading partner in sub-Saharan Africa, recalling that last year’s bilateral trade between the two countries was three billion euros, which amounted to a significant increase compared to the previous years.

He disclosed that about 90 German companies were present in Nigeria, saying that they had collectively created over 17,000 jobs and provided thousands of opportunities for young Nigerians.

Earlier in his welcome address, the President of the Nigerian-German Chamber of Commerce, Mr Igbuan Okaisabor, stated that the Nigerian-German partnership had grown stronger over the years, creating a multitude of opportunities for businesses in both countries.

According to him, Nigeria is Germany’s second-largest trading partner in sub-Saharan Africa, pointing out that the business conference would strengthen the bonds between Nigeria and Germany, facilitate trade, and spark innovation that will drive the economies.

“This conference serves as a catalyst for building stronger and more prosperous relationships. Together, we can achieve remarkable things, and I have no doubt that the discussions and relationships formed here today will contribute to the continued success of our partnership,” he said.

The Federal Chancellor later visited the John Randle Centre for Yoruba Arts and Culture, Onikan, where he expressed his delights and commended the Lagos State government for its efforts in preserving her culture and history.

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