Sanwo-Olu urges Asian investors for increased FDI in Lagos tech sector

Lagos State Governor, Mr. Babajide Sanwo-Olu, has urged for increased Foreign Direct Investment (FDI) from Indian businesses, particularly in the information technology sector. He emphasized the state’s commitment to fostering real partnerships that “we’ve seen emerging in the Information Tech space.”

This call was made on Friday during the inauguration of a state-of-the-art wet hair factory built by Godrej Nigeria Limited as part of its expansion plans in Ikeja. Governor Sanwo-Olu reiterated his administration’s readiness to assist investors in setting up and operating businesses profitably in the state.

While making the call, Governor Sanwo-Olu emphasized that the state doesn’t just seek investments but focuses on specific priority areas, with the IT sector being a key focus. He noted, “Nigeria is as smart as India, if not smarter.”

Sanwo-Olu assured the enterprise of his government’s support to enable them to expand their business. He commended the management of Godrej for believing in the Nigerian economy and stated that Lagos is the rightful hub of activities for Indian businesses. This is not only due to the large population offering a market but also because of the long-standing relationship between the state and the Asian giants.

“It is for us to support you and give you the assurance that you’ve made the right call, and we’re going to be with you to resolve any issues jointly. This will help us build an ecosystem that will outlive all of us,” said the governor.

He commended Godrej’s decision to deepen its investment in the manufacturing sector, stating that it has given birth to a globally renowned name and a brand that Nigeria can truly be proud of. Sanwo-Olu suggested, “If you are looking for additional land on the Lagos free trade zone, we can have a conversation, and we can help scale up that development.”

The global CEO of Godrej, Sutapati, assured of India’s readiness to support the state in various ways, including technological transfer, provision of machinery, and training. He mentioned that Godrej Nigeria Limited was inaugurating a factory that would cater not only to Nigerian demand but also the rest of Africa.

Sutapati described Godrej, involved in healthcare and personal hygiene products, as a very important brand in India. He commended the Lagos State government, under the leadership of Governor Sanwo-Olu, for giving focus to the manufacturing sector, declaring that “the true potential of any economy can be realized only when it is self-sufficient in manufacturing.”

Mr. Kayode Oladapo, Business Head of West African operations for Godrej, expressed gratitude in his welcome address to the Lagos State government for the support provided to corporations in the state. He emphasized his company’s belief in sustainable investment and growth that would improve the lives of their customers.

“As a company that has been around for over a hundred and thirty years, there is something we believe in. In all the places we have set our footprints, it is not only about growing business but also about impacting the lives of people in a way that changes their lives for the better,” he said.

“What is interesting for me in Nigeria is that when we look at our footprints, we are one of the biggest human capital developers across West Africa with over 8,900 employees and still counting. We have surpassed many who have been in the country for 50, 70 years, and we intend to surpass even more. Godrej is a 120-year-old household name in India that operates in 180 countries, with factories in 15 countries,” he added.