Sanwo-Olu, Oyetola woo foreign investors at LCCI conference
CHIGOZIE AMADI
Lagos State governor, Mr Babajide Sanwo-Olu and Minister of Marine and Blue Economy, Adegboyega Oyetola wooed foreign investors to the country, noting the state and the federal government will continue to create a business friendly environment.
The duo spoke at the International Business Conference & Expo 2024 organized by the Lagos Chamber of Commerce and Industry, LCCI which was attended by a number of foreign diplomats with the theme ‘Invest in Nigeria’ held in Lagos.
Sanwo-olu said the state has embarked on projects that will make it easier for businesses to thrive.
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.”
He mentioned some of the incentives to include exceptions from customs duty so as to promote industrial development, licensing of several export processing terminals, provision of infrastructural support which ensure industries have a transparent framework with which to operate.
According to him, the government has also embarked on port rehabilitation such as the Apapa and Tin-Can ports ‘to enhance port efficiency,’ improvement of road and rails transport system to reduce transportation cost, improvement of maritime security to address maritime crime tax relief and financial support ‘ among others.
Oyetola urged the ‘business community to take advantage of these incentives’ by engaging in capital intensive ventures such as offshore renewable energy.’
“We are working together to increase market value assets. Our goal is to make Nigeria a hub of maritime activities in Africa,” he said.
The Commissioner for. Commerce, Co-operative, Trade and Investment, Mrs. Folashade Ambrose-Medebem said the ministry has the mandate to attract investors to Lagos.
She said Lagos contributes more than 30% of Nigeria’s GDP and has set up infrastructure to ensure ease of doing business , attract investors and retain them.
The Commissioner assured investors that Lagos is open for business.
