Lagos attracts N5bn investment in 3 months

Lagos State government says investments worth N5 billion had been attracted into the state in the last three months.

Ademola Abass, the special adviser to the state governor on Overseas Affairs and Investment, who disclosed this at a program to get ministries, departments and agencies (MDAs) buy into the vision of the government in foreign direct investments (FDI), said more is being done to attract more FDIs.

According to Abass, with the dwindling oil revenues from the federation account, there is need for the state to re-double efforts in revenues and investments. The focus on this investment is agricultural, health, infrastructure.

The government said that the state got over 50 percent of the total investments in the country in the last 3 months and assured that more strategies would be adopted to make Lagos investment heaven.

Abass said with the current population of the state, the government is already looking beyond land transportation as major means of transportation, saying that the state was exploring water transportation with a view to seek more foreign investors in that regard.

He added that the dwindling oil revenue in the country also calls for the need for the state to look inwards and develop the state’s agricultural sector, health infrastructure to discourage overseas travelling for medical attention.

“Were have received proposals in hundreds. The most important is that there is a huge interest in investing in Lagos,” Abass added.

Noting that the state is in dire need of infrastructural development, he said there is a lot for investors to benefit in the state.

“We are actually telling our investors to look at the unique opportunities that Lagos has to offer in terms of population of 22 million, almost 5 million of which is in the middle class. The huge purchasing power for whatever investment you have is in Lagos State.

Lagos State as of today is the 5th largest economy in Africa, $135billion GDP which is equivalent to 42 African countries put together.”

On the investment’s drive of the state government, the Permanent Secretary, of office of the overseas affairs, Yakub Balogun explained that the sensitisation of the state’s MDAs was to clear many grey areas such that all the agencies and ministries would contribute to making the state investors friendly.