Lagos Attracts $43billion Investment Proposals In Three Years

The Lagos State Government on Thursday said it attracted investment proposals approximately worth $43billion in the last three years owing to deliberate policies put in place to promote investment and enhance ease of doing business.

Speaking at the annual Ministerial Press Briefing to mark the third year in office of Governor Akinwunmi Ambode’s administration held at the Bagauda Kaltho Press Centre in Alausa, Special Adviser to the Governor on Overseas Affairs and Investment, Professor Ademola Abass, said it was gratifying to report that some of the proposals have been transformed into actual investment in the State.

The Office of Overseas Affairs and Investment otherwise known as Lagos Global is a one-stop shop established by the present administration in the State to manage overseas affairs and implement policies to attract and promote investment in the State.

Giving account of stewardship, Abass said: “I am pleased to inform the public that within the last three years of Mr Akinwunmi Ambode-led administration, Lagos State has received investment proposals approximately worth $43billion.

“Following the vigorous pursuit of measures geared towards enhancing the ease of doing business, investors have shown considerable interest in tapping into the investment opportunities that are abundant in Lagos,” he said.

He added that since its creation, the office had inspired investor’s confidence in Lagos as a place to conduct business and live in, which had translated into considerable success, adding that it also pointed to the fact that the State, as an emerging market, was becoming the financial hub and a preferred investment destination in Africa.

While listing some of the major investments recently approved by the State Government which were facilitated by his office, Abass said it was pleasing to note that a foreign firm, LaTerre Batiment Limited has firmed up arrangement to build a new Island in the State, while another firm, Rockwealth Integrated Services would also commence redevelopment of Amuwo Odofin area into a mixed use real estate development.

Other major projects, according to Abass, are Detergent Manufacturing Plant to be sited within the Lekki Free Trade Zone by Gilmore Limited; LED manufacturing factory to be located in Epe by Low Energy Designs Limited; and development of energy savings streetlights across the State, also by Low Energy Designs Limited, while redevelopment of Makoko area by Bufad Engineering Services and reclamation of Land for mixed use development in VGC area by Ja Paul Lekki Heights Limited, were awaiting approval.

He said in the bid to grow the economy of Lagos, the present administration also identified key areas critical to growing the Gross Domestic Product (GDP) of the State including power, agriculture, transportation, health, tourism, housing, information technology and manufacturing.

He said the focused sectors have already been scanned for investment opportunities with a view to providing foreign investors with an insight into the opportunities that abound in  the sectors at a glance, while the turnaround time for transforming proposals into actual investments have also been massively reduced.

Besides, Abass said as part of measures to project the investment opportunities in the State to the world, government would soon unveil an advocacy tagged “Lagos To The World (L2TW), which is a multifaceted initiative aimed at using various cutting-edge strategic tools in projecting and effectively communicating the investment opportunities that abound in the State.

“To be clear, the campaign has nothing to do with branding or anything of sort. It is a well-pointed strategy aimed at better communicating what the State has got to offer investors worldwide, as well as laying out the benefits that await investors who choose Lagos State as their destination,” he said.

Reeling out other responsibilities of the office, Abass said Lagos Global further helped existing investors by providing aftercare services and as well ensure the provision of necessary business support services.

“The office assisted some businesses to establish partnerships with Lagos State Government and to resolve issues relating to taxes, environmental issues, local government and land ownership rights, tax reduction, multiple taxation, land issues, infrastructure and partnerships,” Abass said.