Ahead of the World Economic Forum (WEF) holding in Davos, Switzerland 22nd to 25th January, 2019, the All Progressives Congress (APC) governorship candidate in Lagos State, Babajide Sanwo-Olu reinforced the enormous investment opportunities in the state at an exclusive session with selected Swiss investors in Geneva.
At the event held at the Mandarin Oriental Hotel, the business interaction triggered commitments of $5 billion investment in infrastructure and capital projects in the state.
While the array of investors comprising commodity traders, equity managers, investment bankers, Fintech and IT experts, infrastructure builders, international donors, energy and power companies unanimously agreed that Lagos is a fertile ground for investments, they cited political risk as a more disturbing consideration over economic risk.
In reassuring them, Sanwo-Olu told the investors that Nigeria is safe for investment and Lagos State as the economic nerve-centre of the country presents the best environment for global investments.
“There is progressive leadership and stability in the governance of Lagos State since 1999. The state has been under the administration of a party, my party, which is the All Progressives Congress, for more than 16 years. The state has remained a reference point for infrastructural development and economic prosperity in Nigeria and West Africa,” Sanwo-Olu said.
“On investors’ protection, I think that should be the least of your worries. Lagos has a comprehensive regulation that protects and shields investors. The scope of the regulation covers disputes resolution and commitment to ease of doing business,” he said.
Earlier, the APC governorship candidate informed the investors about his determination to transform Lagos into a 21st century economy.
“Lagos economy is adjudged to be the 5th largest in Africa and is not yet a 24-hour economy, where you can do every transaction round-the-clock. Do you think we have really maximised the potentials of that economy? We are saying it is a large and growing economy, and you are not playing in it yet,” Sanwo-Olu said.
“This THEME agenda, beyond being the focus areas of our government, is also indicative of areas of possible collaboration between you and our government. As I said, Transportation and Traffic Management, Health and Environment, Education and Technology, Making Lagos a 21st century economy, and Entertainment and Tourism are the topline agenda our government will pursue upon election in 2019,” he said.
While assuring Sanwo-Olu of investors’ and multilateral institutions’ commitment to Lagos and Nigeria, Ibrahim Faria, country portfolio manager, High Impact Africa 1 Grant Management Division of Global Fund, pledged the commitment to support health system in Lagos State if Sanwo-Olu won the election.
“I am happy to know your THEME priority areas that cover education, health, infrastructure and strengthening private sector investments in your state. We will work with you if you win your election. We have particular interest to support health system in Lagos. Global Fund is an important partner of the Nigerian government where we are funding support for HIV/AIDS, Malaria and other diseases,” Faria said.
Some of the multilateral institutions and private organisations that attended the session are Global Fund, Ford Foundation, HSBC, GENII Capital, International Trade Centre, Actis/CDC, among others.
ENDURANCE OKAFOR
