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Investments in excess of $43 billion have been attracted to Lagos between May 2015 and March 2018 making the state one of the preferred destinations for investors in West Africa.
Ademola Abass, special adviser to Governor Akinwunmi Ambode, on Overseas Affairs and Investment, who released the figure, added that with the successful closure on these investments, the government was strategising to attract new ones.
Abass, in a session with the media last week, as part of activities to mark the third year in office of Ambode, said more investors were already showing interest in “tapping into the investment opportunities in Lagos because of pursuit of measures to enhance the ease of doing business.”
According to him, the creation of the Office of Overseas Affairs and Investment has further strengthened investors’ confidence and inspired their belief in Lagos as a place to conduct business and live in.
He said: “Lagos as an emerging market is becoming the financial hub and a preferred investment destination in Africa. The advocacy to arouse investor’s confidence and interest has translated to considerable success that we now experience by all the infrastructural renewal and development that are evident.”
He said that the government was also helping existing and prospective investors through the provision of business support services. According to him, a foreign firm, LaTerre Batiment Limited has concluded plans 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-saving 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.
To further grow the economy of the state, the government, he said, has identified critical sectors such as power, agriculture, transportation, health, tourism, housing, information technology and manufacturing as areas of focus. He said the focused sectors have been scanned for investment opportunities and the government has provided foreign investors an insight into such opportunities.
Abass said as part of measures to project the investment opportunities to the world, government would soon unveil an advocacy tagged “Lagos To The World (L2TW), which is a multifaceted initiative aimed at using cutting-edge strategic tools in projecting and effectively communicating the opportunities that abound in Lagos.
“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.
JOSHUA BASSEY
