The Lagos State Governor, Babajide Sanwo-Olu, on Tuesday, invited investors to take advantage of the conducive business environment in the state and partner with the government to create shared prosperity.
He assured that the state government would continue to implement policies and initiatives that will attract and retain investments.
The governor spoke during the Lagos Chamber of Commerce and Industry (LCCI) International Business Conference, Expo 2024, themed ‘Invest Nigeria’ held in Lagos.
Sanwo-Olu’s administration is striving to make Lagos a 21st century economy. He disclosed that the state is focusing more on infrastructural development in public transportation, logistics, digital ecosystem, agriculture, and others to boost foreign investors’ confidence in the state, stressing that this would create employment opportunities for the teeming youths.
The governor 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.”
Speaking further, he listed tax breaks and waivers as some of the incentives the state is providing.
“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,” Sanwo-Olu stated.
Earlier in his remarks, the Minister of Marine and Blue Economy, Adegboyega Oyetola, said the Federal Government is committed to promoting export-oriented businesses and attracting more investments.
The minister disclosed that in order to attract investors, the Federal Government has given incentives to would-be investors, listing some of the incentives as exceptions from customs duty, promotion of 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.
Also speaking, Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Folashade Ambrose-Medebem, assured investors that Lagos is open for business, noting that various opportunities are open to both local and foreign investors in the state.