• Thursday, March 28, 2024
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LASG, LCCI showcase untapped investment opportunities in Lagos Island

LCCI urges Tinubu to set up websites for investments

The Lagos State Government and the Lagos Chamber of Commerce and Industry (LCCI) have urged investors to take advantage of the untapped investment opportunities Lagos Island axis offers, with the assurance of bountiful rewards.

This was discussed at a forum organised by the LCCI and the Technical Working Committee of the Lagos Island Economic Summit (LIECOS), themed “Harnessing Lagos Island’s comparative advantage: a sectoral analysis”.

Solape Hammond, Special Adviser to Lagos State Government on Sustainable Development Goals (SDG) and Investment said Lagos as a major commercial hub and mega city hold numerous investment opportunities, many of which are yet to be tapped.

Speaking of sectors with investment opportunities ready to be tapped in Lagos Island, she mentioned real estate, transportation sector, finance including non-banking services, human capital, tourism and hospitality and technology sectors.

“Investing in Lagos island is important as it has resources like its positioning, strong sustainability aspirations and commercial opportunities, in addition the state is also ready and committed to lead and provide for these investments from the perspective of sustainability,” she said.

The future of Lagos Island is incredibly bright but the work has to start now, adding that the green, blue and circular economies that drove sustainability were waiting gold mines in the state.

Read also: LCCI pledges support to drive investments for Lagos Free Zone

Hakeem Ogunniran, Board Chairman, Lagos Building Investment Company, said there are a lot of strategies to consider in revitalising the axis which includes an holistic review and regeneration of the Lagos Island central business master plan.

“The axis should create development corridors and initiatives, insulate the community business development from native and informal settlements, and attract more complimentary uses within the locality to deepen investments,” he said.

Michael Olawale-Cole, President, LCCI, said the relevance of Lagos Island in the chronicle of Nigeria’s existence as a national entity could not be over emphasised as the heart of Lagos, and the centre of trade, commerce, finance, and administration.

He noted that as the economic assets of the metropolitan mega-city increased unintended consequences such as rapid population growth, urbanisation, relentless demands for infrastructure, increasing demand for quality education services and healthcare are common realities.

“It is therefore imperative to develop a comprehensive blueprint for harnessing opportunities for the development of the Island to unlock untapped economic potential along with its areas of comparative advantage,” he said.

He added that the development agenda should be implemented in a way that allows for periodic performance assessments and continuous improvement.