Lagos State Governor, Mr. Babajide Sanwo-Olu, has reiterated his administration’s commitment to creating an enabling environment for both local and foreign businesses to thrive in the state. He assured that the state government would continue to implement policies and initiatives aimed at attracting and retaining investments.
Governor Sanwo-Olu gave this assurance during the Lagos Chamber of Commerce and Industry International Business Conference (LCCIIBC) Expo 2024, themed “Invest Nigeria,” held at the Eko Hotels and Suites, Victoria Island, Lagos.
The Governor, speaking on his administration’s commitment to “Making Lagos a 21st Century Economy,” disclosed that the state was focusing on infrastructural development in public transportation, logistics, the digital ecosystem, agriculture, and more, to boost foreign investors’ confidence and create employment opportunities for the teeming youths in Lagos.
“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,” he said.
“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 aware that the kind of growth we seek will not happen without a solid foundation of infrastructure that keeps pace with our rapidly growing population.
“As one of Africa’s startup capitals, we are especially keen to invest in digital infrastructure to support the innovative ideas of our people. Agriculture and food security are also priorities, in line with a national focus on these areas,” the Governor added.
“Lagos may have the smallest landmass in Nigeria, but our land disadvantage is more than offset by our bold approach to leveraging opportunities in processing, value addition, and logistics. This is why we are building Africa’s largest food logistics hub in Lagos. When completed, it will be able to store enough food to supply Lagos for 90 days during shortages and serve millions of farmers, traders, and other players in the agricultural value chain.
“We are also investing in our tourism and entertainment sectors, with projects like the John Randle Centre for Yoruba Culture and History, the revamped National Theatre, and a new 10,000-seater entertainment arena. Lagos is establishing itself as Africa’s true cultural capital, building on its global acclaim as the hub of Afrobeats and Nollywood,” he added.
Sanwo-Olu further assured that the state would continue to offer incentives for investors, including tax breaks, waivers, streamlined regulatory processes, and a judicial system that guarantees the sanctity of contracts and property rights.
“This is not just talk. We talk the talk, and then, in the truly can-do spirit of Lagos, we walk the walk. The results are evident. Lagos is home to the largest single-train crude oil refinery in the world, Africa’s largest Granulated Urea Fertilizer complex, and the longest submarine cable in the world, with major companies like Meta, MTN, and Orange backing it.
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“Lagos now has two new Rail Mass Transit lines, and we are seeing an influx of healthcare investments, including 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 keep our doors open to all interested investors and partners. I invite you to take advantage of these opportunities and partner with us to build a prosperous future for Nigeria and its people,” he said.
Governor Sanwo-Olu commended Mr. Gabriel Idahosa, President and Chairman of the Council of the Lagos Chamber of Commerce and Industry (LCCI), and his team for their dedication to the development of Lagos State.
He said, “LCCI fully deserves its prominence on our business and investment landscape for the sense of belonging, guidance, and support it provides to its members.”
Speaking earlier, the Minister of Marine and Blue Economy, Mr. Adegboyega Oyetola, highlighted Nigeria’s strategic location and abundant resources as key factors for investment opportunities. He emphasized the Federal Government’s commitment to promoting export-oriented businesses and enhancing port security.
Oyetola disclosed that the Federal Government has offered incentives to attract investors, including customs duty exemptions, licensing of export processing terminals, and infrastructural support to ensure a transparent operational framework.
He urged the business community to capitalize on these incentives by engaging in capital-intensive ventures such as offshore renewable energy.
Lagos State Commissioner for Commerce, Cooperatives, Trade, and Investment, Mrs. Folashade Ambrose-Medebem, assured investors that Lagos was open for business. She noted that various opportunities were available to both local and foreign investors and highlighted the Ministry’s mandate to attract investors, contributing more than 30 percent of Nigeria’s GDP.
The commissioner reiterated the Sanwo-Olu administration’s commitment to providing an enabling environment for businesses and stated that the state government had established infrastructure to facilitate ease of doing business, attract investors, and retain them.
The event, attended by members of the Diplomatic Corps, entrepreneurs, industry leaders, and other stakeholders, included discussions on opportunities and prospects in Nigeria for international trade, understanding the regulatory environment for investing in Nigeria, and bilateral business sessions.
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