EKO NEWS

Sanwo-Olu Vows to Boost Business Climate in Lagos

Published

4 months ago

Aug 27, 2024.

Governor Babajide Sanwo-Olu has reaffirmed his administration’s dedication to fostering a business-friendly environment in Lagos during the Lagos Chamber of Commerce and Industry (LCCI) International Business Conference, Expo 2024.

Speaking at the event, themed ‘Invest Nigeria,’ held at Eko Hotels and Suites, Victoria Island, the Governor outlined his government’s ongoing efforts to attract and sustain investments in the state.

Sanwo-Olu emphasized that Lagos is positioning itself as a 21st-century economy by prioritizing infrastructure development across key sectors, including public transportation, logistics, the digital ecosystem, and agriculture.

He highlighted the state’s strategic initiatives designed to boost investor confidence and create job opportunities, especially for the youth.

“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,” Sanwo-Olu said.

He stressed the importance of infrastructure as a foundation for the state’s growth, noting ongoing projects like the expansion of transportation networks, digital infrastructure, and the development of Africa’s largest food logistics hub in Lagos.

This hub is designed to mitigate food shortages and support millions of stakeholders in the agricultural sector.

In addition, the Governor discussed the state’s investment in tourism and entertainment, aiming to showcase Lagos as Africa’s cultural capital.

EDITORS PICK:

He pointed to projects like the John Randle Centre for Yoruba Culture and History, the revamped National Theatre, and a new 10,000-seater entertainment arena.

Sanwo-Olu further assured investors of various incentives, including tax breaks and streamlined regulatory processes, reinforcing Lagos’s appeal as a prime investment destination.

He noted, “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.”

The Governor also lauded LCCI’s President, Mr Gabriel Idahosa, and his team for their contributions to the state’s economic development, stating, “LCCI fully deserves its prominence on our business and investment landscape for the sense of belonging, guidance, and support that it provides to all its members.”

Minister of Marine and Blue Economy, Alhaji Adegboyega Oyetola, also spoke at the event, highlighting Nigeria’s strategic location and resource wealth as key factors for investment.

He reaffirmed the Federal Government’s commitment to promoting export-oriented businesses and improving port security.

Oyetola mentioned various incentives provided by the government, including customs duty exemptions and infrastructural support, aimed at attracting capital-intensive ventures such as offshore renewable energy.

Lagos State Commissioner for Commerce, Cooperatives, Trade, and Investment, Mrs. Folashade Ambrose-Medebem, also addressed the gathering, emphasizing that Lagos is open for business.

She highlighted the state’s significant contribution to Nigeria’s GDP and the government’s efforts to create an enabling environment for investors.

The conference, attended by diplomats, industry leaders, and stakeholders, featured discussions on Nigeria’s international trade opportunities, investment regulatory environment, and bilateral business prospects.

CLICK TO WATCH OUR VIDEO OF THE WEEK