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Sanwo-Olu, Other Lagos Officials Present Areas Of Opportunities To Potential Investors
Sanwo-Olu and other Lagos officials presented areas of opportunities to potential investors.
Eko Hot Blog reports that Lagos State Governor, Babajide Sanwo-Olu, on Wednesday, led a new push for an aggressive investment inflow to boost Lagos State’s economic growth.
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Sanwo-Olu and some members of his cabinet made the pitch to potential investors at the third edition of Africa Social Impact Summit (ASIS 3.0) organised by Sterling One Foundation in collaboration with Ministry of Commerce, Cooperatives, Trade and Investment, in Lagos.
The event with the theme: “Invest Lagos – Investment Opportunities” was held at Eko Hotels and Suites in Victoria Island, with business leaders, multilateral chambers of commerce, financial services executives and captains of industry in attendance.
The governor told the gathering that Lagos is projecting a positive economic outlook, given its expanding population and development of sustainable infrastructure to drive growth.
In spite of the challenging terrain in which many businesses operate, Sanwo-Olu said the state’s economy had demonstrated remarkable resilience to sustain existing businesses and welcome new investment.
He emphasised that the key reforms introduced and implemented by his administration were aimed at streamlining business development processes and building investors’ confidence in the State’s economy.
Lagos State Governor, Babajide Sanwo-Olu, addressing potential investors at the third edition of Africa Social Impact Summit (ASIS 3.0) in Lagos on Wednesday, July 24, 2024
Sanwo-Olu said his Government had been proactive in implementing business-friendly regulations and constantly reviewing Ease of Doing Business policies to lessen challenges associated with new business registration and obtaining permits.
The governor stated that the digitisation of services had eliminated bureaucratic bottlenecks, while enhancing stability in the business environment.
Sanwo-Olu highlighted areas of opportunities to invest, including transportation, tourism, health insurance and waterways, noting that the State Government remained committed to pushing forward its ambitious development plans for the listed sectors.
Similarly, Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs. Folashade Ambrose-Medebem, said Lagos, as the nation’s commercial nerve center, had been a beacon of economic activity driven by commitment to fostering conducive environment for business and investment.
The commissioner said the Sanwo-Olu administration had grown Lagos GDP from 27 trillion to 41 trillion within five years, stressing that the State had made progress in creating a business-friendly environment.
She said the state government implemented key reforms aimed at streamlining processes, improving regulatory procedures, reducing bureaucratic bottlenecks and promoting entrepreneurship.
“Lagos had made significant strides in diversifying its economy with strategic investments in various sectors, including allocating N550.7 billion to expand sustainable physical infrastructure in 2024 alone,” Mrs. Ambrose-Medebem said.
“We have consistently focused on boosting agriculture as a cornerstone of our economic diversification strategy, committing N44.33 billion to food security initiatives in cattle feedlot project, fish processing, and wholesale produce hub in communities.
“Lagos continues to lead in promoting Ease of Doing Business, which has positioned the State as a global city and an emerging African Financial Centre. Under the World Bank’s Subnational Doing Business Report and the State Action on Business Enabling Reforms (SABER) programme, Lagos has met all parameters and qualified for the first phase of the initiative.”
On his part, Managing Director of Sterling Bank, Mr. Abubakar Suleiman, said economic growth in Africa suffered setbacks because of unstable investment climate occasioned by lack of trust.
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He said the objective of the summit meeting was to build confidence of investors in the local markets and create a business environment that would enhance trust.
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